Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.096%

Price spread now: GRVT against Hyperliquid+0.019%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$520.525% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.247%−$25 on $10k

Price spread, last 7 days−0.146%−$15 · spread now +0.019%, 7d avg −0.056%

Together, before fees−0.392%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board−$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.075% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2122	0.0100	pay 0.0013% / 1h	21m 11s	$114.0M	$71.4M	10x
Short	GRVT ENA_USDT_Perp	0.2122	0.0100	get 0.0050% / 4h	1h 21m	$357K	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0
Price spread: +0.019% → −0.056%: $7.47
Slippage, 4 orders: −$34.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$45.02
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; GRVT: live order book, 3 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, 13 min ago	1.89 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	2.36 bp	21.5 bp −$22	doesn't fit	doesn't fit	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	−0.0019%	4h	0.2119	−0.146%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.123%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.115%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2122	+0.019%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.085%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	−0.028%	$56K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	+0.026%	$666K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2122	long leg	$114.0M	$71.4M	10x
Aster ENAUSDT	+0.0100%	4h	0.2122	+0.042%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2123	+0.049%	$415K	$506K	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	0.2120	−0.094%	$130.0M	$419.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.113%	$86.8M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	−0.071%	$20.9M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	−0.617%	$19K	$364K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2122	+0.019%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.706%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.071%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.094%	$45.9M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	−0.038%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2118	−0.170%	$48.2M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2119	−0.108%	—	$32.3M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2121	−0.038%	$375K	$363K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2101	−0.965%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.750%	$242K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perpshort	+0.0100%	4h	0.2122	+0.019%	$357K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2122	+0.019%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.033%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.522%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.123%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2126	+0.189%	$278K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.075%	$1.8M	$8.8M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2123	+0.043%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2118	−0.155%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.112%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2122	+0.009%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2119	−0.121%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0274%	1h	0.2121	−0.008%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2120	−0.066%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.099%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2121	−0.019%	$5.4M	$13.8M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2121	−0.031%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	−0.363%	$831K	$1.5M	50x	as long as short