Funding arb · Price arb /

ENA

all ENA markets

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: BingX against Hyperliquid−0.138%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 7 days+0.095%+$10 · spread now −0.138%, 7d avg −0.097%

Together, before fees−0.123%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and BingX is 0.041% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.097%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.4% 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	0.2101	0.0564	pay 0.0071% / 1h	41m 49s	$110.9M	$79.9M	10x
Short	BingX ENA-USDT	0.2098	0.0100	get 0.0050% / 4h	1h 41m	—	$32.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$97.51
Price spread: −0.138% → −0.097%: −$4.07
Slippage, 4 orders: −$8.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$128.7
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; BingX: 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 Hyperliquid live order book, 12 min ago	0.72 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	0.96 bp	6.0 bp −$6	7.6 bp −$76	15.2 bp −$1,525	32.1 bp −$16.1K

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	−0.0069%	4h	0.2098	−0.129%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0037%	1h	0.2098	−0.114%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.086%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	−0.054%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.076%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	−0.102%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2101	0.000%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.086%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.080%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.074%	$660K	$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	−0.037%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.067%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.160%	$129.2M	$460.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	−0.219%	$87.2M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.138%	$20.3M	$112.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.576%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.038%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.510%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.167%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.138%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.095%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.243%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2098	−0.138%	—	$32.9M	—
Variational Omni ENA	+0.0100%	4h	0.2089	−0.564%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.338%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.270%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.228%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.038%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.494%	$895	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.181%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.014%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.228%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	−0.126%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	−0.162%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0374%	1h	0.2099	−0.072%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2097	−0.201%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.100%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.094%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	−0.038%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENAlong	+0.0564%	1h	0.2101	long leg	$110.9M	$79.9M	10x
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.043%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1898%	1h	0.2098	−0.156%	$139K	$15K	5x	as long as short