Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0660%/8h= −72.3% APRpaid last 24h −0.089%

Price spread now: Binance against Hyperliquid−0.140%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 7 days+0.101%+$10 · spread now −0.140%, 7d avg −0.079%

Together, before fees−0.161%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Binance is 0.061% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.262% in total (about -13.7% 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	Hyperliquid ENA	0.2132	0.0760	pay 0.0095% / 1h	16m 00s	$114.8M	$78.4M	10x
Short	Binance ENAUSDT	0.2129	0.0100	get 0.0050% / 4h	16m 00s	$131.5M	$451.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.140%Rate

Funding earned: −$138.57
Price spread: −0.140% → −0.079%: −$6.11
Slippage, 4 orders: −$9.93
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$173.62
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Binance: 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 Hyperliquid live order book, 8 min ago	1.41 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.23 bp	6.5 bp −$7	16.8 bp −$168	57.5 bp −$5,749	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	−0.0003%	4h	0.2129	−0.145%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	−0.113%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2130	−0.117%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.417%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0055%	1h	0.2130	−0.108%	$378K	$446K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2130	−0.108%	$64K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	−0.115%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2130	−0.087%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2130	−0.115%	$412K	$561K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2129	−0.140%	$131.5M	$451.0M	75x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.192%	$89.6M	$189.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	−0.202%	$20.7M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2119	−0.633%	$15K	$394K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2131	−0.061%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2121	−0.530%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2129	−0.155%	$10.9M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	−0.197%	$46.6M	$45.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	−0.141%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.206%	$48.3M	$63.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2129	−0.145%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	−0.181%	$3.9M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.455%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.362%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.342%	$34K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	−0.066%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2079	−2.514%	$994	$827K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	−0.108%	$4K	$11K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2131	−0.052%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	−0.155%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2129	−0.153%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2130	−0.118%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.356%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2133	+0.014%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0200%	1h	0.2128	−0.216%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2131	−0.047%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2129	−0.137%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	−0.310%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.106%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0536%	1h	0.2132	−0.009%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2130	−0.089%	$841K	$2.0M	50x	as long as short
Hyperliquid ENAlong	+0.0760%	1h	0.2132	long leg	$114.8M	$78.4M	10x
dYdX ENA-USD	+0.1429%	1h	0.2130	−0.118%	$141K	$15K	5x	as long as short