Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0405%/8h= −44.4% APRpaid last 24h −0.094%

Price spread now: Backpack against Aster−0.134%45s7-day average −0.029% · 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—prices read too far apart to compare

costs, in and out, $10k−$370.374% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now −0.134%, 7d avg −0.029%

Together, before fees−0.238%+ Points / potential airdropAster: Stage 5 · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Backpack is 0.105% cheaper against Aster than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.029%). Swap the legs. The two prices were read 45 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 -0.059% in total (about -3.1% 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	Aster ENAUSDT	0.2093	0.0100	pay 0.0050% / 4h	48m 19s	$1.5M	$2.9M	50x
Short	Backpack ENA_USDC_PERP	0.2090	−0.0305	pay 0.0038% / 1h	48m 19s	$365K	$388K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$85.13
Price spread: −0.134% → −0.029%: −$10.49
Slippage, 4 orders: −$19.38
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$133
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Aster: live order book, 5 min ago; Backpack: live order book, 10 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, 5 min ago	3.32 bp	11.0 bp −$11	23.1 bp −$231	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	0.95 bp	9.8 bp −$10	52.3 bp −$523	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_PERPshort	−0.0305%	1h	0.2090	−0.134%	$365K	$388K	5x
01 Exchange ENAUSD	−0.0104%	1h	0.2094	+0.057%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0059%	4h	0.2093	−0.005%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	+0.024%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	+0.042%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.462%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.057%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2094	+0.081%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	+0.057%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.015%	$47K	$110	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	0.2094	+0.055%	$657K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2095	+0.110%	$111.6M	$72.9M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2093	long leg	$1.5M	$2.9M	50x
Pacifica ENA	+0.0100%	1h	0.2093	+0.011%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.034%	$127.9M	$415.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.014%	$85.0M	$176.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	+0.019%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.182%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.038%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.679%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	+0.029%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.072%	$45.1M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.091%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.067%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2093	+0.019%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.190%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.568%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.555%	$353K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	+0.296%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	+0.057%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.360%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.038%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.110%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	+0.010%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2091	−0.081%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	+0.024%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0148%	1h	0.2093	−0.008%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	+0.049%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2094	+0.051%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.248%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	+0.012%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.129%	$851K	$1.5M	50x	as long as short