Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0457%/8h= −50.0% APRpaid last 24h −0.143%

Price spread now: Orderly against Hyperliquid+0.095%55s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.095% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 17 hours. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2113	0.0492	pay 0.0061% / 1h	10m 32s	$113.8M	$72.8M	10x
Short	Orderly PERP_ENA_USDC	0.2115	0.0035	get 0.0018% / 4h	2h 10m	$44K	$28K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.095%Rate

Funding earned: −$95.91
Price spread: +0.095% → 0.000%: $9.46
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$101.45
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	0.24 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 41 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	0.2117	+0.175%	$79K	$1.4M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	+0.038%	$86K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2111	−0.110%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.483%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDCshort	+0.0035%	4h	0.2115	+0.095%	$44K	$28K	10x
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.151%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.168%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	+0.032%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2110	−0.147%	$412K	$543K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2111	−0.125%	$130.1M	$439.6M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.123%	$86.4M	$183.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	−0.066%	$20.8M	$106.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.577%	$19K	$390K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.057%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+0.608%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	−0.071%	$10.9M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	−0.123%	$44.8M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	+0.066%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2109	−0.175%	$48.0M	$60.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	−0.057%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2117	+0.180%	$381K	$382K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.027%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.504%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.180%	$352K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.180%	$32K	$656K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.095%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.134%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.180%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.265%	$275K	$829K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.133%	$1.9M	$9.1M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2109	−0.199%	$47K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2110	−0.133%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.156%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2122	+0.412%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0200%	1h	0.2111	−0.094%	$1.6M	$4.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	+0.043%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2117	+0.201%	$2.7M	$4.4M	50x	as long as short
Lighter ENA	+0.0400%	1h	0.2112	−0.033%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.117%	$1K	$5K	15x	as long as short
Hyperliquid ENAlong	+0.0492%	1h	0.2113	long leg	$113.8M	$72.8M	10x
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2120	+0.331%	$831K	$1.6M	50x	as long as short