Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.091%

Price spread now: Bitget against Hyperliquid−0.190%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Hyperliquid Short on Bitget

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+0.126%+$13 · spread now −0.190%, 7d avg −0.138%

Together, before fees−0.105%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bitget is 0.052% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.138%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2104	0.0344	pay 0.0043% / 1h	19m 00s	$111.0M	$80.7M	10x
Short	Bitget ENAUSDT	0.2100	0.0100	get 0.0050% / 4h	2h 19m	$47.5M	$66.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$51.25
Price spread: −0.190% → −0.138%: −$5.2
Slippage, 4 orders: −$16.76
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$94.21
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	0.24 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.95 bp	11.9 bp −$12	18.4 bp −$184	38.2 bp −$3,822	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	−0.0274%	1h	0.2103	−0.086%	$362K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2102	−0.124%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2102	−0.095%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2103	−0.076%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	−0.097%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.898%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0054%	4h	0.2101	−0.181%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+0.109%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.119%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.175%	$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	0.2103	−0.062%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	−0.089%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2102	−0.113%	$407K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.130%	$129.6M	$466.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.157%	$87.8M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	−0.147%	$20.3M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.261%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2103	−0.071%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.119%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.133%	$45.6M	$49.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	−0.081%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2100	−0.190%	$47.5M	$66.5M	75x
BingX ENA-USDC	+0.0100%	4h	0.2101	−0.166%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	−0.022%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.037%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.341%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	−0.071%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	−0.010%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.495%	$848	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2102	−0.119%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.038%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.166%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.088%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2102	−0.113%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2102	−0.107%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2103	−0.093%	$50K	—	100x	as long as short
Lighter ENA	+0.0320%	1h	0.2105	+0.038%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.100%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENAlong	+0.0344%	1h	0.2104	long leg	$111.0M	$80.7M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.066%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.166%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6293%	1h	0.2102	−0.110%	$139K	$15K	5x	as long as short