Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0218%/8h= −23.9% APRpaid last 24h −0.080%

Price spread now: Paradex against Hyperliquid−0.027%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Paradex is 0.027% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2090	0.0318	pay 0.0040% / 1h	39m 06s	$110.7M	$80.4M	10x
Short	Paradex ENA-USD-PERP	0.2090	0.0100	get 0.0100% / 8h	2h 39m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$45.74
Price spread: −0.027% → 0.000%: −$2.72
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$61.47
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Paradex: 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, 5 min ago	0.71 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 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	−0.0351%	1h	0.2089	−0.081%	$359K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2088	−0.100%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2090	−0.010%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0016%	4h	0.2087	−0.148%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.072%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2088	−0.111%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.584%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.335%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−0.062%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2090	−0.027%	$47K	$221	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.043%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2090	−0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2092	+0.100%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2088	−0.100%	$128.8M	$468.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2087	−0.177%	$87.3M	$193.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2088	−0.129%	$20.1M	$113.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2097	+0.311%	$19K	$429K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	+0.033%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.177%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2088	−0.120%	$44.6M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.067%	$24.1M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2086	−0.225%	$47.3M	$66.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2087	−0.139%	—	$32.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	+0.223%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.245%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.260%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.273%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2091	+0.053%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2038	−2.512%	$855	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.110%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.249%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.110%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2088	−0.129%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.064%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2090	−0.035%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0208%	1h	0.2091	+0.024%	$5.6M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2088	−0.132%	$50K	—	100x	as long as short
Hyperliquid ENAlong	+0.0318%	1h	0.2090	long leg	$110.7M	$80.4M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.091%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.037%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.502%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9663%	1h	0.2094	+0.157%	$138K	$12K	5x	as long as short