Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0424%/8h= −46.4% APRpaid last 24h −0.102%

Price spread now: Gate against Hyperliquid−0.207%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$28 on $10k

Price spread, last 7 days+0.181%+$18 · spread now −0.207%, 7d avg −0.093%

Together, before fees−0.094%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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 Gate is 0.114% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.275% in total (about -14.4% 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	0.2128	0.0524	pay 0.0065% / 1h	51m 36s	$114.6M	$74.3M	10x
Short	Gate ENA_USDT	0.2123	0.0100	get 0.0050% / 4h	2h 51m	$10.7M	$20.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.207%Rate

Funding earned: −$88.99
Price spread: −0.207% → −0.093%: −$11.36
Slippage, 4 orders: −$29.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$153.5
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Gate: live order book, 2 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	0.23 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.53 bp	13.9 bp −$14	33.5 bp −$335	55.2 bp −$5,519	92.9 bp −$46.5K

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.127%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2132	+0.182%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2125	−0.122%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.207%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2129	+0.042%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0045%	1h	0.2125	−0.152%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.132%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2132	+0.216%	$703K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2124	−0.173%	$417K	$548K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2125	−0.122%	$132.1M	$444.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	−0.202%	$87.0M	$186.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2124	−0.179%	$21.1M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.790%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.085%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.022%	$93K	$4K	10x	as long as short
Gate ENA_USDTshort	+0.0100%	4h	0.2123	−0.207%	$10.7M	$20.6M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2124	−0.160%	$44.8M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2127	−0.047%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.193%	$48.1M	$61.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	−0.136%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2130	+0.122%	$368K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.718%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.318%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.172%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.085%	$32K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2134	+0.273%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2081	−2.195%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.103%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2140	+0.587%	$276K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2131	+0.150%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	−0.196%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2132	+0.182%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0168%	1h	0.2126	−0.075%	$5.5M	$13.6M	10x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.545%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.171%	$2.7M	$5.0M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2132	+0.200%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2125	−0.150%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	−0.136%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2132	+0.208%	$1K	$5K	15x	as long as short
Hyperliquid ENAlong	+0.0524%	1h	0.2128	long leg	$114.6M	$74.3M	10x
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2123	−0.230%	$834K	$1.7M	50x	as long as short