Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.096%

Price spread now: Hyperliquid against Arcus+0.111%7-day average +0.071% · 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−$44as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Arcus Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.241%+$24 on $10k

Price spread, last 4 days (all we have)+0.355%+$35 · spread now +0.111%, 7d avg +0.071%

Together, before fees+0.595%+ Points / potential airdropHyperliquid: Season 2 · farm board+$60 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: Hyperliquid is 0.040% dearer against Arcus than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2121	0.0100	pay 0.0013% / 1h	22m 24s	$78K	$276K	10x
Short	Hyperliquid ENA	0.2123	0.0100	get 0.0013% / 1h	22m 24s	$114.1M	$71.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Arcus. 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 ArcusbpFee HyperliquidbpOrdersPrice spread, now +0.111%Rate

Funding earned: $0
Price spread: +0.111% → +0.071%: $4.01
Slippage, 4 orders: −$34.57
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$44.06
Costs to cover: 0.481%
Break-even: never at this rate

Slippage from Arcus: live order book, 41 min ago; Hyperliquid: live order book, 11 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 Arcus live order book, 41 min ago	7.05 bp	19.0 bp −$19	32.1 bp −$321	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.89 bp	7.5 bp −$7	doesn't fit	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	−0.0016%	4h	0.2123	+0.075%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.047%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2120	−0.025%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2121	−0.005%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.113%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.047%	$55K	$494K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.024%	$681K	$1.7M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2123	+0.111%	$114.1M	$71.4M	10x
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.019%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2121	+0.007%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2121	−0.006%	$130.0M	$419.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.009%	$86.9M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	+0.014%	$20.9M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.589%	$19K	$365K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2121	long leg	$78K	$276K	10x
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.678%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	0.000%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.033%	$45.8M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.033%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.075%	$48.3M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	−0.014%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2121	−0.005%	$375K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2101	−0.937%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.722%	$242K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.911%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	−0.613%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	−0.005%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.343%	$722	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2122	+0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2124	+0.141%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.047%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2121	−0.018%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.074%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.071%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.669%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2122	+0.036%	$50K	—	100x	as long as short
dYdX ENA-USD	+0.0281%	1h	0.2120	−0.067%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2122	+0.030%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.005%	$5.7M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	−0.046%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0416%	1h	0.2123	+0.090%	$5.5M	$13.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	−0.335%	$831K	$1.5M	50x	as long as short