Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.055%

Price spread now: Aster against Popdex+0.219%7-day average +0.073% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$390.390% 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)+0.123%+$12 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now +0.219%, 7d avg +0.073%

Together, before fees+0.283%+ Points / potential airdropAster: Stage 5 · farm board+$28 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 0.147% dearer against Popdex than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ENAUSDT	0.2079	0.0096	pay 0.0012% / 1h	3m 57s	$59K	$538K	50x
Short	Aster ENAUSDT	0.2084	0.0100	get 0.0050% / 4h	2h 03m	$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

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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 +0.219%Rate

Funding earned: $0.84
Price spread: +0.219% → +0.073%: $14.68
Slippage, 4 orders: −$24.57
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Aster: 4 bp × 2 orders: −$8
Net: −$23.45
Costs to cover: 0.390%
Break-even: 202.4 days

Slippage from Popdex: live order book, 20 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, 20 min ago	0.71 bp	7.7 bp −$8	66.4 bp −$664	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	2.63 bp	9.6 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
Backpack ENA_USDC_PERP	−0.0292%	1h	0.2083	+0.197%	$359K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2082	+0.139%	$40K	$24K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2080	+0.034%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2083	+0.192%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	+0.085%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.136%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.529%	$5K	$394K	10x	as long as short
Popdex ENAUSDTlong	+0.0096%	1h	0.2079	long leg	$59K	$538K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2078	−0.044%	$47K	$221	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2084	+0.219%	$1.5M	$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	0.2079	+0.001%	$402K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	+0.196%	$128.2M	$465.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2082	+0.164%	$86.6M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2084	+0.216%	$20.1M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.428%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2080	+0.048%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.378%	$88K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2082	+0.154%	$10.4M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.192%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.231%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2081	+0.106%	$47.0M	$65.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2083	+0.188%	—	$33.0M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2080	+0.060%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.558%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.580%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2086	+0.337%	$31K	$712K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2078	−0.041%	$652K	$1.8M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2080	+0.067%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2031	−2.309%	$1K	$812K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2083	+0.192%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2084	+0.250%	$270K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2082	+0.144%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2080	+0.069%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2083	+0.202%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0184%	1h	0.2082	+0.153%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	+0.071%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2085	+0.298%	$5.6M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0339%	1h	0.2085	+0.279%	$109.8M	$80.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2076	−0.149%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2079	+0.012%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2086	+0.317%	$797K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5061%	1h	0.2080	+0.031%	$137K	$15K	5x	as long as short