Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.026%

Price spread now: Aster against Hyperliquid−0.115%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.115%, 7d avg −0.035%

Together, before fees−0.090%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Aster is 0.080% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	Hyperliquid ENA	0.2099	0.0287	pay 0.0036% / 1h	42m 22s	$111.5M	$80.9M	10x
Short	Aster ENAUSDT	0.2096	0.0100	get 0.0050% / 4h	2h 42m	$1.5M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$39.3
Price spread: −0.115% → −0.035%: −$8.03
Slippage, 4 orders: −$20.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$84.66
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Aster: live order book, 1 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 Hyperliquid live order book, 12 min ago	1.19 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	1.67 bp	13.7 bp −$14	21.4 bp −$214	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
Backpack ENA_USDC_PERP	−0.0387%	1h	0.2097	−0.071%	$361K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2095	−0.166%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0040%	1h	0.2097	−0.104%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0030%	4h	0.2095	−0.171%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	−0.147%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	−0.152%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.168%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.228%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.138%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.092%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2095	−0.171%	$654K	$1.8M	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2096	−0.115%	$1.5M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2098	−0.050%	$403K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	−0.161%	$129.2M	$469.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	−0.209%	$87.7M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	−0.181%	$20.1M	$114.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.247%	$19K	$438K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.090%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.053%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	−0.147%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2097	−0.109%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	−0.247%	$47.4M	$66.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	−0.190%	—	$32.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.230%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.281%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.288%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.328%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	−0.071%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.539%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.138%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.048%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	−0.185%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.191%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	−0.138%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	−0.075%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2098	−0.038%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2095	−0.173%	$50K	—	100x	as long as short
Hyperliquid ENAlong	+0.0287%	1h	0.2099	long leg	$111.5M	$80.9M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2094	−0.209%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.172%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.091%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9358%	1h	0.2096	−0.130%	$138K	$12K	5x	as long as short