Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0246%/8h= −26.9% APRpaid last 24h −0.083%

Price spread now: Bybit against Hyperliquid−0.204%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.303%−$30 on $10k

Price spread, last 7 days+0.158%+$16 · spread now −0.204%, 7d avg −0.110%

Together, before fees−0.145%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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 Bybit is 0.094% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2106	0.0346	pay 0.0043% / 1h	19m 22s	$111.1M	$80.6M	10x
Short	Bybit ENAUSDT	0.2102	0.0100	get 0.0050% / 4h	2h 19m	$87.8M	$193.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$51.68
Price spread: −0.204% → −0.110%: −$9.42
Slippage, 4 orders: −$8.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$89.43
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: 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 Bybit live order book, 5 min ago	0.24 bp	5.7 bp −$6	17.1 bp −$171	60.9 bp −$6,093	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	−0.0271%	1h	0.2102	−0.209%	$362K	$484K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2102	−0.214%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2102	−0.185%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	−0.228%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2102	−0.187%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.807%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0054%	4h	0.2103	−0.176%	$10.5M	$21.7M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2107	+0.019%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.209%	$60K	$540K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.265%	$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	−0.152%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	−0.177%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2102	−0.203%	$407K	$593K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	−0.160%	$129.6M	$466.4M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2102	−0.204%	$87.8M	$193.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.214%	$20.3M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2110	+0.171%	$19K	$432K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2103	−0.161%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.028%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.161%	$45.6M	$49.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	−0.176%	$24.3M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	−0.261%	$47.6M	$66.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.195%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2104	−0.112%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.053%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.250%	$360K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2103	−0.161%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2104	−0.100%	$183K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2051	−2.611%	$848	$809K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.256%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	−0.057%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.256%	$1.9M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2102	−0.192%	$2.6M	$5.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2102	−0.203%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0120%	1h	0.2101	−0.240%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0214% / S −0.0162%	1h	0.2103	−0.183%	$50K	—	100x	as long as short
Lighter ENA	+0.0312%	1h	0.2104	−0.090%	$5.7M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	−0.071%	$5.5M	$8.2M	75x	as long as short
Hyperliquid ENAlong	+0.0346%	1h	0.2106	long leg	$111.1M	$80.6M	10x
Reya ENARUSDPERP	+0.0412%	1h	0.2103	−0.156%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.076%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.6293%	1h	0.2102	−0.200%	$139K	$15K	5x	as long as short