Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.047%

Price spread now: Phoenix against Aster−0.327%55s7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$540.538% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.479%+$48 · spread now −0.327%, 7d avg +0.045%

Together, before fees+0.455%+ Points / potential airdropAster: Stage 5 · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.372% cheaper against Aster than usual: you would sell low and buy high (spread −0.327% now, against its 7-day average of +0.045%). If the spread goes back, that is −$37 on $10k: about 25 days of funding at the current rate (+$2 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2154	0.0100	pay 0.0050% / 4h	3h 20m	$1.6M	$3.3M	50x
Short	Phoenix ENA	0.2147	0.0150	get 0.0019% / 1h	20m 27s	$8K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AsterbpFee PhoenixbpOrdersPrice spread, now −0.327%Rate

Funding earned: $10.56
Price spread: −0.327% → +0.045%: −$37.22
Slippage, 4 orders: −$38.8
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$80.45
Costs to cover: 0.538%
Break-even: 60.3 days

Slippage from Aster: live order book, 3 min ago; Phoenix: live order book, 50 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aster live order book, 3 min ago	3.03 bp	11.4 bp −$11	20.8 bp −$208	doesn't fit	doesn't fit
Sell Phoenix live order book, 50 min ago	1.88 bp	16.7 bp −$17	51.7 bp −$517	doesn't fit	doesn't fit

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2146	−0.373%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	−0.432%	$103K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.441%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2145	−0.443%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0037%	1h	0.2155	+0.018%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2159	+0.212%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2159	+0.216%	$715K	$1.8M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2154	long leg	$1.6M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2154	−0.004%	$423K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2160	+0.239%	$134.1M	$443.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2158	+0.184%	$89.1M	$187.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2157	+0.123%	$21.2M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	−0.424%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2159	+0.212%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.531%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	+0.174%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2158	+0.179%	$46.0M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2161	+0.314%	$24.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2157	+0.105%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2158	+0.174%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2147	−0.355%	$382K	$412K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2144	−0.462%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.475%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2155	+0.026%	$363K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.392%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2159	+0.202%	$186K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.810%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	−0.392%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	−0.345%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	−0.438%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2157	+0.117%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2146	−0.393%	$75K	$4K	3x	as long as short
Phoenix ENAshort	+0.0150%	1h	0.2147	−0.327%	$8K	$347K	10x
01 Exchange ENAUSD	+0.0192%	1h	0.2160	+0.272%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	−0.329%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2158	+0.177%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2145	−0.440%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	−0.396%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2158	+0.157%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	−0.211%	$852K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2157	+0.109%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0771%	1h	0.2162	+0.337%	$116.8M	$74.1M	10x	as long as short