Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h +0.612%

Price spread now: dYdX against Aster−0.159%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1201.199% of the position

Long on Aster Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.926%+$93 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now −0.159%, 7d avg −0.077%

Together, before fees+1.064%+ Points / potential airdropAster: Stage 5 · farm board+$106 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.083% cheaper against Aster than usual: you would sell low and buy high (spread −0.159% now, against its 7-day average of −0.077%). If the spread goes back, that is −$8 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.926% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ENAUSDT	0.2120	0.0100	pay 0.0050% / 4h	23m 12s	$1.5M	$2.9M	50x
Short	dYdX ENA-USD	0.2117	0.0125	get 0.0016% / 1h	23m 12s	$140K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.159%Rate

Funding earned: $5.3
Price spread: −0.159% → −0.077%: −$8.25
Slippage, 4 orders: −$101.93
Fee Aster: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$122.88
Costs to cover: 1.199%
Break-even: 169.4 days

Slippage from Aster: live order book, 5 min ago; dYdX: live order book, 36 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	3.79 bp	9.8 bp −$10	18.3 bp −$183	doesn't fit	doesn't fit
Sell dYdX live order book, 36 min ago	42.15 bp	47.2 bp −$47	345.6 bp −$3,456	1400.0 bp −$140.0K	1925.5 bp −$962.8K

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	−0.0186%	1h	0.2121	+0.042%	$364K	$397K	5x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2120	−0.009%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0068%	4h	0.2118	−0.108%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.066%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2118	−0.085%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.071%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2123	+0.123%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.047%	$56K	$477K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.006%	$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	0.2120	+0.007%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2124	+0.184%	$115.7M	$75.0M	10x	as long as short
Aster ENAUSDTlong	+0.0100%	4h	0.2120	long leg	$1.5M	$2.9M	50x
Pacifica ENA	+0.0100%	1h	0.2118	−0.091%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.009%	$129.1M	$416.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	+0.038%	$85.7M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	+0.028%	$20.8M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.212%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	+0.047%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.165%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.014%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2121	+0.052%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.061%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.057%	$48.1M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	+0.019%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.172%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	−0.164%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.264%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.094%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	−0.005%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.524%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2127	+0.311%	$275K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	0.000%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.064%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.065%	$74K	$4K	3x	as long as short
dYdX ENA-USDshort	+0.0125%	1h	0.2117	−0.159%	$140K	$15K	5x
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2120	+0.012%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0291% / S −0.0213%	1h	0.2118	−0.075%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.066%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.079%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.325%	$869K	$1.7M	50x	as long as short