Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.093%

Price spread now: Pacifica against Hyperliquid+0.031%7-day average −0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)−0.195%−$19 · spread now +0.031%, 7d avg −0.098%

Together, before fees−0.457%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board−$46 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: Pacifica is 0.128% dearer against Hyperliquid than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2109	0.0100	pay 0.0013% / 1h	32m 26s	$112.2M	$73.2M	10x
Short	Pacifica ENA	0.2110	0.0100	get 0.0013% / 1h	32m 26s	$411K	$499K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → −0.098%: $12.84
Slippage, 4 orders: −$17.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$21.81
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Pacifica: live order book, 26 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, 11 min ago	0.95 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 26 min ago	3.08 bp	10.8 bp −$11	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
Backpack ENA_USDC_PERP	−0.0256%	1h	0.2108	−0.081%	$363K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2106	−0.166%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0067%	4h	0.2105	−0.218%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	−0.152%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.227%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.659%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.569%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2112	+0.114%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.166%	$56K	$503K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	0.000%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.159%	$650K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2109	long leg	$112.2M	$73.2M	10x
Aster ENAUSDT	+0.0100%	4h	0.2109	−0.031%	$1.5M	$2.9M	50x	as long as short
Pacifica ENAshort	+0.0100%	1h	0.2110	+0.031%	$411K	$499K	10x
Binance ENAUSDT	+0.0100%	4h	0.2107	−0.111%	$128.5M	$415.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.133%	$85.5M	$175.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	−0.090%	$20.9M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.749%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.071%	$79K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−0.782%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2109	−0.005%	$11.1M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2110	+0.024%	$45.9M	$41.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2111	+0.085%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2107	−0.133%	$48.0M	$57.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2109	−0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.958%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	−0.670%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.640%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.640%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.062%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.977%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.166%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.057%	$273K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.166%	$1.7M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2108	−0.073%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.183%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0106%	1h	0.2109	−0.028%	$139K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2107	−0.115%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2105	−0.218%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2107	−0.133%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2108	−0.086%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2094	−0.725%	$853K	$1.5M	50x	as long as short