ENA

Alert: funding

Alert: spread

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: Backpack against Hyperliquid−0.122%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

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−0.325%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Backpack is 0.055% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

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	Hyperliquid ENA	0.2134	0.0547	pay 0.0068% / 1h	52m 45s	$114.9M	$74.3M	10x
Short	Backpack ENA_USDC_PERP	0.2131	0.0100	get 0.0013% / 1h	52m 45s	$368K	$383K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$93.91
Price spread: −0.122% → −0.066%: −$5.55
Slippage, 4 orders: −$17.21
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$135.67
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Backpack: live order book, 16 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 Hyperliquid live order book, 11 min ago	0.23 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.69 bp	7.1 bp −$7	43.2 bp −$432	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	−0.396%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2123	−0.487%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.473%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2125	−0.398%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0051%	1h	0.2131	−0.127%	$141K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.445%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.457%	$700K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2132	−0.054%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	−0.113%	$419K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2131	−0.122%	$132.4M	$444.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2132	−0.070%	$87.5M	$186.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2132	−0.052%	$21.2M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−1.055%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	+0.023%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.289%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	−0.103%	$10.8M	$20.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	−0.052%	$44.9M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2133	−0.037%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2131	−0.098%	$48.3M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2132	−0.052%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2131	−0.122%	$368K	$383K	5x
Variational Omni ENA	+0.0100%	4h	0.2113	−0.983%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	−0.426%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.906%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.586%	$33K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.431%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.733%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.352%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	−0.234%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	−0.258%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2132	−0.067%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	−0.359%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.811%	$7K	$351K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0220%	1h	0.2127	−0.295%	$79K	$1.6M	50x	as long as short
Lighter ENA	+0.0240%	1h	0.2133	−0.033%	$5.5M	$13.6M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2128	−0.276%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2124	−0.436%	$50K	—	100x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2131	−0.107%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.403%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.468%	$1K	$5K	15x	as long as short
Hyperliquid ENAlong	+0.0547%	1h	0.2134	long leg	$114.9M	$74.3M	10x
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2123	−0.497%	$834K	$1.7M	50x	as long as short