Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0495%/8h= +54.2% APRpaid last 24h +0.074%

Price spread now: Hyperliquid against Binance+0.065%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.065%, 7d avg +0.077%

Together, before fees+0.235%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.077%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.247% in total (about 12.9% a year). A funding rate is set anew for every payment. 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	Binance ENAUSDT	0.2140	0.0100	pay 0.0050% / 4h	3h 29m	$132.9M	$473.7M	75x
Short	Hyperliquid ENA	0.2142	0.0595	get 0.0074% / 1h	29m 55s	$114.2M	$80.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.065%Rate

Funding earned: $104.01
Price spread: +0.065% → +0.077%: −$1.12
Slippage, 4 orders: −$11.27
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $72.62
Costs to cover: 0.303%
Break-even: 2.1 days

Slippage from Binance: live order book, 4 min ago; Hyperliquid: 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 Binance live order book, 4 min ago	0.23 bp	6.3 bp −$6	15.2 bp −$152	52.0 bp −$5,197	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.88 bp	9.6 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
Backpack ENA_USDC_PERP	−0.0400%	1h	0.2140	−0.037%	$368K	$492K	5x	as long as short
Phemex ENAUSDT	−0.0151%	4h	0.2139	−0.061%	$1.9M	$9.3M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0121%	4h	0.2140	−0.019%	$42K	$23K	10x	as long as short
Phoenix ENA	0.0000%	1h	0.2138	−0.103%	$6K	$391K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2141	+0.028%	$95K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2141	+0.028%	$98K	—	150x	as long as short
Kraken Futures PF_ENAUSD	+0.0015%	1h	0.2141	+0.041%	$2.7M	$6.1M	50x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2147	+0.318%	$4K	$432	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.790%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2143	+0.126%	$58K	$551K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2145	+0.219%	$48K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2141	+0.026%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2140	−0.011%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2144	+0.175%	$412K	$611K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2140	long leg	$132.9M	$473.7M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2140	−0.014%	$90.9M	$196.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2139	−0.042%	$20.5M	$119.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2138	−0.103%	$20K	$452K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	+0.266%	$85K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2137	−0.163%	$90K	$2K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2139	−0.079%	$10.6M	$22.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	−0.028%	$46.8M	$50.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	+0.014%	$24.6M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2139	−0.084%	$48.7M	$67.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2139	−0.047%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2140	−0.018%	$3.7M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2129	−0.516%	$254K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	−0.469%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	−0.435%	$31K	$714K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2144	+0.178%	$189K	$3.1M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2097	−2.042%	$1K	$795K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2140	−0.014%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+0.276%	$277K	$1.7M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2139	−0.054%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2144	+0.166%	$79K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0196% / S −0.0300%	1h	0.2140	−0.002%	$39K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2142	+0.098%	$5.8M	$13.5M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2141	+0.014%	$5.6M	$8.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.003%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0456%	1h	0.2132	−0.364%	$815K	$2.3M	50x	as long as short
Hyperliquid ENAshort	+0.0595%	1h	0.2142	+0.065%	$114.2M	$80.4M	10x
dYdX ENA-USD	+0.5883%	1h	0.2144	+0.170%	$142K	$12K	5x	as long as short