Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1695%/8h= −185.6% APRpaid last 24h −0.636%

Price spread now: Aster against dYdX−0.054%49s7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$859as 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−$7707.701% of the position

Long on dYdX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.889%−$89 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.054%, 7d avg +0.078%

Together, before fees−0.806%+ Points / potential airdropAster: Stage 5 · farm board−$81 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$51 a day on $10k at the current rate, and Aster is 0.132% cheaper against dYdX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.078%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.889% in total (about -46.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2091	0.1795	pay 0.0224% / 1h	50m 50s	$138K	$15K	5x
Short	Aster ENAUSDT	0.2090	0.0100	get 0.0050% / 4h	1h 50m	$1.5M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against dYdX. 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 dYdXbpFee AsterbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$355.87
Price spread: −0.054% → +0.078%: −$13.19
Slippage, 4 orders: −$752.14
Fee dYdX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$1,139.2
Costs to cover: 7.701%
Break-even: never at this rate

Slippage from dYdX: live order book, 33 min ago; Aster: live order book, 3 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 dYdX live order book, 33 min ago	74.05 bp	249.8 bp −$250	475.0 bp −$4,750	648.8 bp −$64.9K	1405.5 bp −$702.8K
Sell Aster live order book, 3 min ago	1.91 bp	13.6 bp −$14	23.3 bp −$233	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
Orderly PERP_ENA_USDC	−0.0078%	4h	0.2089	−0.114%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0070%	1h	0.2090	−0.047%	$361K	$484K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2090	−0.081%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2090	−0.076%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.535%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2089	−0.090%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2090	−0.057%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−0.110%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.106%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.102%	$655K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDTshort	+0.0100%	4h	0.2090	−0.054%	$1.5M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2090	−0.079%	$404K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	−0.055%	$128.7M	$463.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2089	−0.105%	$86.9M	$192.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2090	−0.057%	$20.2M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.335%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−0.062%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.058%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	−0.105%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2089	−0.110%	$45.0M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2090	−0.062%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2088	−0.143%	$47.2M	$65.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2090	−0.081%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	+0.085%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	0.000%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.241%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2091	−0.014%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2090	−0.057%	$187K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.500%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.062%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.101%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.110%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.088%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	+0.053%	$5K	$356K	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2088	−0.168%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0219% / S −0.0360%	1h	0.2089	−0.094%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−0.110%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2089	−0.102%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2092	+0.043%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0543%	1h	0.2092	+0.058%	$110.2M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	+0.144%	$801K	$2.1M	50x	as long as short
dYdX ENA-USDlong	+0.1795%	1h	0.2091	long leg	$138K	$15K	5x