Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h +0.128%

Price spread now: Coinbase International against Aster−0.402%7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on Aster Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.392%+$39 on $10k

Price spread, last 4 days (all we have)+0.635%+$64 · spread now −0.402%, 7d avg +0.096%

Together, before fees+1.028%+ Points / potential airdropAster: Stage 5 · farm board+$103 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.498% cheaper against Aster than usual: you would sell low and buy high (spread −0.402% now, against its 7-day average of +0.096%). If the spread goes back, that is −$50 on $10k: about 3.7 days of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.392% in total) that is about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2174	0.0100	pay 0.0050% / 4h	3h 47m	$1.4M	$3.3M	50x
Short	Coinbase International ENA-PERP-INTX	0.2165	0.0544	get 0.0068% / 1h	47m 59s	$805K	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.402%Rate

Funding earned: $93.24
Price spread: −0.402% → +0.096%: −$49.77
Slippage, 4 orders: −$52.28
Fee Aster: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.81
Costs to cover: 0.703%
Break-even: 9.0 days

Slippage from Aster: live order book, 6 min ago; Coinbase International: 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 Aster live order book, 6 min ago	3.98 bp	11.7 bp −$12	19.5 bp −$195	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	11.06 bp	27.5 bp −$28	37.3 bp −$373	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
Phemex ENAUSDT	−0.2016%	4h	0.2166	−0.365%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0086%	4h	0.2168	−0.292%	$45K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2169	−0.213%	$4K	$277	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2168	−0.258%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.325%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2169	−0.227%	$53K	$488K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2164	−0.475%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2167	−0.328%	$591K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2176	+0.109%	$118.3M	$75.4M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2174	long leg	$1.4M	$3.3M	50x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2157	−0.774%	$416K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2175	+0.030%	$132.1M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2175	+0.030%	$90.7M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2175	+0.035%	$21.6M	$111.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	−1.202%	$33K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2164	−0.457%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2157	−0.759%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2175	+0.040%	$13.6M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2174	−0.006%	$40.7M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2169	−0.227%	$25.5M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2173	−0.043%	$49.2M	$60.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2175	+0.049%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2135	−1.773%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	−1.960%	$258K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	−1.929%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	−1.929%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2169	−0.218%	$178K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2118	−2.587%	$1K	$916K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2166	−0.365%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2176	+0.086%	$272K	$825K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2175	+0.026%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2168	−0.290%	$76K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2169	−0.218%	$5.1M	$12.7M	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0119%	1h	0.2169	−0.223%	$77K	$1.1M	50x	as long as short
dYdX ENA-USD	+0.0143%	1h	0.2157	−0.761%	$143K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	−1.667%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0193%	1h	0.2167	−0.324%	$2.7M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0754%	1h	0.2169	−0.240%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	−1.221%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2166	−0.349%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTXshort	+0.0544%	1h	0.2165	−0.402%	$805K	$2.0M	50x
Backpack ENA_USDC_PERP	+0.0606%	1h	0.2177	+0.141%	$423K	$481K	5x	as long as short