Funding you earn now, next payment 02:00 UTC+0.0447%/8h= +49.0% APRnext payment +$0.56 per $10,000 · paid last 24h +0.138%
Price spread now: Hyperliquid against Backpack+0.122%7-day average +0.066% · you sell dearer than you buy
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs−$31as in the Price arb table
costs, in and out, $10k−$360.362% of the position
Funding, last 7 days+0.198%+$20 on $10k
+Price spread, last 4 days (all we have)+0.126%+$13 · spread now +0.122%, 7d avg +0.066%
=Together, before fees+0.324%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.056% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.066%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.198% in total (about 10.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.56 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ENA_USDC_PERP | 0.2131 | 0.0100 | pay 0.0013% / 1h | 52m 46s | $368K | $383K | 5x |
| Short | Hyperliquid ENA | 0.2134 | 0.0547 | get 0.0068% / 1h | 52m 46s | $114.9M | $74.3M | 10x |
Backpack ENA_USDC_PERP
Hyperliquid ENAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $93.91
- Price spread: +0.122% → +0.066%
- $5.56
- Slippage, 4 orders
- −$17.21
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $63.26
- Costs to cover
- 0.362%
- Break-even
- 2.3 days
Slippage from Backpack: live order book, 16 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 Backpack live order book, 16 min ago | 0.69 bp | 9.2 bp −$9 | 41.3 bp −$413 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 0.23 bp | 10.4 bp −$10 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) ENA/USD | L +0.0004% / S −0.0004% | 1h | 0.2125 | −0.274% | $91K | — | 150x | as long as short |
| 01 Exchange ENAUSD | +0.0016% | 1h | 0.2123 | −0.366% | $4K | $302 | 10x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | −0.352% | $522 | $57K | 5.5x | as long as short |
| Orderly PERP_ENA_USDC | +0.0036% | 4h | 0.2125 | −0.277% | $41K | $23K | 10x | as long as short |
| dYdX ENA-USD | +0.0051% | 1h | 0.2131 | −0.006% | $141K | $15K | 5x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2124 | −0.324% | $53K | $526K | 50x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2124 | −0.336% | $700K | $1.8M | 10x | as long as short |
| Aster ENAUSDT | +0.0100% | 4h | 0.2132 | +0.068% | $1.5M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2131 | +0.009% | $419K | $548K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2131 | 0.000% | $132.4M | $444.0M | 75x | as long as short |
gTrade (Gains Network) ENA/USD
01 Exchange ENAUSD
Injective ENA/USDC PERP
Orderly PERP_ENA_USDC
dYdX ENA-USD
Popdex ENAUSDT
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ENAUSDT | +0.0100% | 4h | 0.2132 | +0.052% | $87.5M | $186.1M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2132 | +0.070% | $21.2M | $109.4M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2111 | −0.934% | $17K | $405K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2134 | +0.145% | $116K | $253K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2127 | −0.167% | $93K | $4K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2131 | +0.019% | $10.8M | $20.6M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2132 | +0.070% | $44.9M | $43.4M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2133 | +0.084% | $24.6M | $16.4M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2131 | +0.023% | $48.3M | $61.3M | 75x | as long as short |
| BingX ENA-USDC | +0.0100% | 4h | 0.2132 | +0.070% | — | $6.5M | — | as long as short |
| Backpack ENA_USDC_PERPlong | +0.0100% | 1h | 0.2131 | long leg | $368K | $383K | 5x | |
| Variational Omni ENA | +0.0100% | 4h | 0.2113 | −0.862% | $3.8M | $10.0M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2124 | −0.305% | $246K | $7.5M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2114 | −0.785% | $356K | $4.8M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2121 | −0.465% | $33K | $689K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2124 | −0.310% | $179K | $2.4M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2075 | −2.614% | $1K | $843K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2126 | −0.230% | $4K | $10K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2129 | −0.113% | $274K | $1.0M | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2128 | −0.136% | $1.9M | $9.4M | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2132 | +0.055% | $48K | $110 | 10x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2126 | −0.237% | $74K | $4K | 3x | as long as short |
| Phoenix ENA | +0.0188% | 1h | 0.2116 | −0.690% | $7K | $351K | 10x | as long as short |
| Deribit ENA_USDC-PERPETUAL | +0.0220% | 1h | 0.2127 | −0.174% | $79K | $1.6M | 50x | as long as short |
| Lighter ENA | +0.0240% | 1h | 0.2133 | +0.089% | $5.5M | $13.6M | 10x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0251% | 1h | 0.2128 | −0.154% | $2.7M | $5.0M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0251% / S −0.0206% | 1h | 0.2124 | −0.315% | $50K | — | 100x | as long as short |
| Extended ENA-USD | +0.0320% | 1h | 0.2131 | +0.015% | $1.6M | $4.1M | 50x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2125 | −0.282% | $5.7M | $2.0M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2124 | −0.346% | $1K | $5K | 15x | as long as short |
| Hyperliquid ENAshort | +0.0547% | 1h | 0.2134 | +0.122% | $114.9M | $74.3M | 10x | |
| Coinbase International ENA-PERP-INTX | +0.0648% | 1h | 0.2123 | −0.375% | $834K | $1.7M | 50x | as long as short |
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDC
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Paradex ENA-USD-PERP
Aevo ENA-PERP
Phoenix ENA
Deribit ENA_USDC-PERPETUAL
Lighter ENA
Kraken Futures PF_ENAUSD
GMX ENA/USD [ETH-USDC]
Extended ENA-USD
BloFin ENA-USDT
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX