Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.091%

Price spread now: Hyperliquid against Bitget+0.253%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.231%+$23 on $10k

Price spread, last 7 days−0.189%−$19 · spread now +0.253%, 7d avg +0.138%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.115% dearer against Bitget than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2093	0.0100	pay 0.0050% / 4h	2h 42m	$47.4M	$66.7M	75x
Short	Hyperliquid ENA	0.2098	0.0290	get 0.0036% / 1h	42m 01s	$111.5M	$80.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.253%Rate

Funding earned: $39.81
Price spread: +0.253% → +0.138%: $11.52
Slippage, 4 orders: −$17.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $13.06
Costs to cover: 0.383%
Break-even: 4.7 days

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: live order book, 12 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 Bitget live order book, 2 min ago	0.72 bp	10.0 bp −$10	16.4 bp −$164	33.2 bp −$3,324	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.19 bp	7.4 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
Backpack ENA_USDC_PERP	−0.0365%	1h	0.2095	+0.139%	$361K	$486K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2095	+0.134%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0040%	1h	0.2097	+0.196%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0030%	4h	0.2094	+0.067%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.153%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.148%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.472%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	+0.072%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	+0.162%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	+0.208%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.129%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.162%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	+0.251%	$403K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.062%	$129.1M	$469.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.033%	$87.6M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.076%	$20.1M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	+0.053%	$19K	$438K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.210%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.354%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.086%	$44.9M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.129%	$24.1M	$16.6M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2093	long leg	$47.4M	$66.7M	75x
BingX ENA-USDC	+0.0100%	4h	0.2094	+0.057%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	+0.070%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	+0.019%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.012%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.029%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.229%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.246%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.162%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.349%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	+0.115%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	+0.049%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	+0.162%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	+0.225%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2098	+0.263%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2095	+0.127%	$50K	—	100x	as long as short
Hyperliquid ENAshort	+0.0290%	1h	0.2098	+0.253%	$111.5M	$80.9M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2094	+0.091%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.128%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.392%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9358%	1h	0.2096	+0.170%	$138K	$12K	5x	as long as short