Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h +0.093%

Price spread now: Hyperliquid against BingX+0.095%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hyperliquid is 0.095% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2097	0.0100	pay 0.0050% / 4h	3h 34m	—	$31.7M	—
Short	Hyperliquid ENA	0.2099	0.0272	get 0.0034% / 1h	34m 10s	$114.1M	$74.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.095%Rate

Funding earned: $36.2
Price spread: +0.095% → 0.000%: $9.54
Slippage, 4 orders: −$7.8
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $18.93
Costs to cover: 0.268%
Break-even: 3.3 days

Slippage from BingX: live order book, 5 min ago; Hyperliquid: live order book, 10 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 BingX live order book, 5 min ago	0.71 bp	6.5 bp −$6	9.2 bp −$92	11.8 bp −$1,185	30.0 bp −$15.0K
Sell Hyperliquid live order book, 10 min ago	0.71 bp	5.7 bp −$6	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	−0.0146%	1h	0.2098	+0.043%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0094%	4h	0.2097	0.000%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	+0.062%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	+0.061%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.254%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2098	+0.062%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.005%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.069%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	+0.093%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.123%	$1.4M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2101	+0.169%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.019%	$127.2M	$414.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.014%	$84.9M	$174.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	+0.010%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.062%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	+0.043%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.105%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	0.000%	$11.1M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	+0.005%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.043%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.043%	$47.6M	$57.7M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2097	long leg	—	$31.7M	—
Variational Omni ENA	+0.0100%	4h	0.2095	−0.120%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.097%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.151%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.234%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.110%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.351%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	+0.043%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.229%	$272K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.005%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.003%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.173%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2095	−0.076%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2099	+0.082%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2099	+0.091%	$5.2M	$13.2M	10x	as long as short
Hyperliquid ENAshort	+0.0272%	1h	0.2099	+0.095%	$114.1M	$74.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2099	+0.072%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.081%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	+0.015%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	+0.291%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1012%	1h	0.2100	+0.120%	$139K	$15K	5x	as long as short