Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.061%

Price spread now: Aster against Phemex−0.035%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$550.553% of the position

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 3 days (all we have)−0.234%−$23 · spread now −0.035%, 7d avg +0.019%

Together, before fees−0.111%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.054% cheaper against Phemex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2121	0.0100	pay 0.0050% / 4h	31m 35s	$2.0M	$9.2M	50x
Short	Aster ENAUSDT	0.2120	0.0100	get 0.0050% / 4h	31m 35s	$1.5M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phemex. 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 PhemexbpFee AsterbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → +0.019%: −$5.43
Slippage, 4 orders: −$35.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$60.73
Costs to cover: 0.553%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Aster: live order book, 2 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 Phemex live order book, 2 min ago	4.72 bp	17.3 bp −$17	78.5 bp −$785	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	2.59 bp	10.1 bp −$10	20.9 bp −$209	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	−0.0018%	4h	0.2121	−0.009%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.052%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2123	+0.085%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.113%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2122	+0.071%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.141%	$64K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	+0.139%	$681K	$1.8M	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2120	−0.035%	$1.5M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2120	−0.070%	$410K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.090%	$131.1M	$452.8M	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	0.2118	−0.132%	$88.9M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.104%	$20.5M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.151%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.047%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.377%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	−0.104%	$10.8M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−0.108%	$46.7M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.042%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.184%	$48.0M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.113%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.222%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.208%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.189%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2123	+0.094%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.151%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.362%	$871	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.391%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2121	long leg	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.144%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.038%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2124	+0.165%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.212%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	+0.100%	$2.7M	$5.4M	50x	as long as short
Extended ENA-USD	+0.0248%	1h	0.2118	−0.142%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2122	+0.070%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	+0.047%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2122	+0.040%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0536%	1h	0.2122	+0.024%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.504%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0799%	1h	0.2122	+0.066%	$114.1M	$78.7M	10x	as long as short
dYdX ENA-USD	+0.1729%	1h	0.2120	−0.070%	$140K	$15K	5x	as long as short