Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0464%/8h= +50.8% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against HTX−0.290%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$750.753% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 3 days (all we have)+0.146%+$15 · spread now −0.290%, 7d avg +0.010%

Together, before fees+0.363%+ Points / potential airdropHyperliquid: Season 2 · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.300% cheaper against HTX than usual: you would sell low and buy high (spread −0.290% now, against its 7-day average of +0.010%). If the spread goes back, that is −$30 on $10k: about 2.2 days of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.217% in total) that is about 9.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.217% in total (about 11.3% 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	HTX ENA-USDT	0.2107	0.0100	pay 0.0050% / 4h	1h 40m	$275K	$1.5M	50x
Short	Hyperliquid ENA	0.2101	0.0564	get 0.0071% / 1h	40m 54s	$110.9M	$80.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.290%Rate

Funding earned: $97.5
Price spread: −0.290% → +0.010%: −$29.95
Slippage, 4 orders: −$54.27
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$7.72
Costs to cover: 0.753%
Break-even: 7.6 days

Slippage from HTX: live order book, 3 min ago; Hyperliquid: live order book, 13 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 HTX live order book, 3 min ago	20.19 bp	28.5 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.72 bp	6.7 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	−0.0067%	4h	0.2097	−0.470%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0045%	1h	0.2099	−0.394%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.432%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	−0.421%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.783%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	−0.398%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2099	−0.399%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.470%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2097	−0.467%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.482%	$659K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.351%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2097	−0.446%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.465%	$129.1M	$460.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.494%	$87.2M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.441%	$20.3M	$112.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.418%	$21K	$415K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	−0.375%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.430%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2096	−0.498%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	−0.470%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	−0.441%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.522%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	−0.489%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.852%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.429%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.559%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.517%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.403%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.824%	$958	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.422%	$4K	$14K	10x	as long as short
HTX ENA-USDTlong	+0.0100%	4h	0.2107	long leg	$275K	$1.5M	50x
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.470%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.558%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	−0.375%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0375%	1h	0.2098	−0.425%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2096	−0.499%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2097	−0.465%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.453%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	−0.309%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENAshort	+0.0564%	1h	0.2101	−0.290%	$110.9M	$80.0M	10x
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	−0.247%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1898%	1h	0.2098	−0.445%	$139K	$15K	5x	as long as short