Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.080%

Price spread now: Aster against Kraken Futures−0.420%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$650.655% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.410%−$41 · spread now −0.420%, 7d avg −0.007%

Together, before fees−0.475%+ Points / potential airdropAster: Stage 5 · farm board−$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.412% cheaper against Kraken Futures than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2128	0.0196	pay 0.0025% / 1h	31m 36s	$2.6M	$4.4M	50x
Short	Aster ENAUSDT	0.2119	0.0100	get 0.0050% / 4h	3h 31m	$1.4M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.420%Rate

Funding earned: −$20.18
Price spread: −0.420% → −0.007%: −$41.22
Slippage, 4 orders: −$47.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$126.86
Costs to cover: 0.655%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Aster: live order book, 2 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 Kraken Futures live order book, 2 min ago	14.57 bp	19.6 bp −$20	26.1 bp −$261	139.5 bp −$13.9K	doesn't fit
Sell Aster live order book, 2 min ago	2.58 bp	10.1 bp −$10	19.9 bp −$199	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
Orderly PERP_ENA_USDC	−0.0098%	4h	0.2126	−0.060%	$44K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0096%	1h	0.2126	−0.084%	$4K	$169	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.005%	$75K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	−0.053%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.197%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0080%	4h	0.2118	−0.451%	$13.2M	$27.6M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	−0.389%	$4.9M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.122%	$54K	$497K	50x	as long as short
Paradex ENA-USD-PERP	+0.0099%	8h	0.2116	−0.542%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2127	−0.049%	$563K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2123	−0.225%	$115.6M	$76.6M	10x	as long as short
Aster ENAUSDTshort	+0.0100%	4h	0.2119	−0.420%	$1.4M	$3.3M	50x
Pacifica ENA	+0.0100%	1h	0.2118	−0.442%	$406K	$569K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	−0.493%	$128.4M	$430.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.427%	$88.1M	$194.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.404%	$20.9M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.117%	$28K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.357%	$78K	$282K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2140	+0.583%	$93K	$511	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.488%	$40.2M	$43.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.465%	$24.9M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.483%	$48.0M	$61.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2119	−0.404%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2126	−0.060%	$414K	$478K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2131	+0.165%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2130	+0.110%	$253K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	+0.065%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2138	+0.489%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2127	−0.023%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.345%	$1K	$927K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.075%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	+0.170%	$265K	$838K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	+0.019%	$1.9M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2118	−0.441%	$1.6M	$4.6M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2141	+0.631%	$75K	$4K	3x	as long as short
dYdX ENA-USD	+0.0129%	1h	0.2122	−0.270%	$140K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2140	+0.602%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0196%	1h	0.2128	long leg	$2.6M	$4.4M	50x
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0756%	1h	0.2127	−0.033%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.034%	$5.7M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2126	−0.082%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2136	+0.391%	$793K	$2.0M	50x	as long as short