Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0162%/8h= −17.8% APRpaid last 24h −0.093%

Price spread now: KuCoin against Hyperliquid−0.227%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

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

costs, in and out, $10k−$500.501% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.300%−$30 on $10k

Price spread, last 7 days+0.157%+$16 · spread now −0.227%, 7d avg −0.081%

Together, before fees−0.143%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.147% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.081%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2111	0.0262	pay 0.0033% / 1h	31m 31s	$114.7M	$74.0M	10x
Short	KuCoin ENAUSDTM	0.2106	0.0100	get 0.0050% / 4h	3h 31m	$24.9M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$34.06
Price spread: −0.227% → −0.081%: −$14.68
Slippage, 4 orders: −$29.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$98.86
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; KuCoin: 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	0.71 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	1.67 bp	19.8 bp −$20	35.7 bp −$357	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
Backpack ENA_USDC_PERP	−0.0132%	1h	0.2102	−0.417%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2101	−0.460%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	−0.412%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.453%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.592%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2108	−0.147%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.185%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.457%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.104%	$656K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.184%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2104	−0.343%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.182%	$127.8M	$413.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	−0.114%	$85.4M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.081%	$21.0M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.535%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.137%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.611%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.280%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.081%	$45.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2106	−0.227%	$24.9M	$15.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2108	−0.152%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2107	−0.175%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.773%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	−0.553%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2101	−0.470%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.422%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	−0.057%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.932%	$983	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.469%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	−0.379%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.422%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.186%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.391%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2103	−0.379%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2103	−0.395%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2104	−0.308%	$5.2M	$13.2M	10x	as long as short
Hyperliquid ENAlong	+0.0262%	1h	0.2111	long leg	$114.7M	$74.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2102	−0.438%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.426%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2109	−0.108%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	−0.365%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1091%	1h	0.2104	−0.340%	$139K	$15K	5x	as long as short