Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.055%

Price spread now: Aster against Popdex−0.194%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Popdex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.125%+$12 on $10k

Price spread, last 4 days (all we have)+0.403%+$40 · spread now −0.194%, 7d avg +0.076%

Together, before fees+0.528%+ Points / potential airdropAster: Stage 5 · farm board+$53 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 0.269% cheaper against Popdex than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2124	0.0096	pay 0.0012% / 1h	53m 25s	$53K	$526K	50x
Short	Aster ENAUSDT	0.2120	0.0100	get 0.0050% / 4h	2h 53m	$1.5M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Popdex. 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 PopdexbpFee AsterbpOrdersPrice spread, now −0.194%Rate

Funding earned: $0.84
Price spread: −0.194% → +0.076%: −$26.94
Slippage, 4 orders: −$32.36
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Aster: 4 bp × 2 orders: −$8
Net: −$72.86
Costs to cover: 0.468%
Break-even: 614.1 days

Slippage from Popdex: live order book, 16 min ago; Aster: live order book, 5 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 Popdex live order book, 16 min ago	2.54 bp	9.8 bp −$10	91.6 bp −$916	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	4.46 bp	9.5 bp −$10	15.5 bp −$155	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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2125	+0.050%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2123	−0.042%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.028%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2125	+0.047%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0060%	1h	0.2118	−0.298%	$140K	$15K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0081%	1h	0.2119	−0.212%	$366K	$383K	5x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2124	long leg	$53K	$526K	50x
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.012%	$700K	$1.8M	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2120	−0.194%	$1.5M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2119	−0.227%	$416K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2124	+0.018%	$132.0M	$444.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2125	+0.052%	$87.2M	$186.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2126	+0.085%	$21.1M	$109.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.612%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	−0.047%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.157%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.061%	$10.7M	$20.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2124	+0.005%	$44.8M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	+0.056%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2123	−0.052%	$48.1M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2124	0.000%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.540%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.019%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.462%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.141%	$33K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.014%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.669%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	−0.188%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	−0.301%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	−0.282%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.279%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.344%	$74K	$4K	3x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0175%	1h	0.2118	−0.287%	$79K	$1.6M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.367%	$7K	$351K	10x	as long as short
Lighter ENA	+0.0240%	1h	0.2121	−0.160%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	+0.009%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2120	−0.166%	$2.7M	$5.0M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2122	−0.110%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.603%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.022%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0523%	1h	0.2128	+0.169%	$114.6M	$74.3M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	−0.410%	$831K	$1.7M	50x	as long as short