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: HTX against Hyperliquid+0.156%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$890.893% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)+0.474%+$47 · spread now +0.156%, 7d avg −0.012%

Together, before fees+0.231%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 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: HTX is 0.168% dearer against Hyperliquid than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2114	0.0100	pay 0.0013% / 1h	43m 54s	$113.6M	$71.3M	10x
Short	HTX ENA-USDT	0.2117	0.0100	get 0.0050% / 4h	1h 43m	$277K	$785K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.156%Rate

Funding earned: $0
Price spread: +0.156% → −0.012%: $16.79
Slippage, 4 orders: −$68.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$72.48
Costs to cover: 0.893%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; HTX: live order book, 45 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, 10 min ago	2.12 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 45 min ago	18.62 bp	26.9 bp −$27	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	0.000%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2112	−0.058%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0011%	4h	0.2112	−0.076%	$44K	$27K	10x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2112	−0.080%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.459%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.128%	$54K	$500K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.080%	$682K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2114	long leg	$113.6M	$71.3M	10x
Aster ENAUSDT	+0.0100%	4h	0.2113	−0.021%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	−0.009%	$413K	$516K	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	0.2112	−0.085%	$129.9M	$425.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2112	−0.057%	$86.7M	$177.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.038%	$20.8M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.331%	$19K	$375K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2113	−0.033%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.033%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	−0.114%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.118%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	−0.095%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.095%	$48.2M	$58.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.043%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2113	−0.038%	$374K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.176%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.257%	$245K	$7.4M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.239%	$350K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.128%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.014%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.403%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2112	−0.080%	$4K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2117	+0.156%	$277K	$785K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.080%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.040%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2113	−0.042%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2110	−0.178%	$1.6M	$4.1M	50x	as long as short
dYdX ENA-USD	+0.0129%	1h	0.2115	+0.067%	$140K	$15K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2109	−0.203%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2112	−0.075%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2113	−0.027%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.043%	$5.7M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2114	+0.024%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.050%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.170%	$833K	$1.5M	50x	as long as short