Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0717%/8h= −78.5% APRpaid last 24h −0.096%

Price spread now: Phemex against Hyperliquid−0.183%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$470.465% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 3 days (all we have)+0.370%+$37 · spread now −0.183%, 7d avg −0.054%

Together, before fees+0.134%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Phemex is 0.129% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.236% in total (about -12.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2127	0.0817	pay 0.0102% / 1h	34m 05s	$114.3M	$78.7M	10x
Short	Phemex ENAUSDT	0.2123	0.0100	get 0.0050% / 4h	34m 05s	$2.0M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$150.55
Price spread: −0.183% → −0.054%: −$12.92
Slippage, 4 orders: −$25.51
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$209.98
Costs to cover: 0.465%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 5 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	0.70 bp	7.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.70 bp	16.1 bp −$16	69.3 bp −$693	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
Orderly PERP_ENA_USDC	−0.0019%	4h	0.2123	−0.193%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.146%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.141%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.165%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0059%	1h	0.2124	−0.122%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.183%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	−0.101%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	−0.103%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.091%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.170%	$131.3M	$453.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2123	−0.193%	$89.2M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	−0.169%	$20.6M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.103%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	−0.042%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.099%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.169%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.174%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	−0.099%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2122	−0.221%	$48.1M	$64.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	−0.169%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.056%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.070%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	−0.089%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.089%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.132%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2072	−2.562%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.183%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.371%	$278K	$1.4M	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2123	−0.183%	$2.0M	$9.2M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	−0.138%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.145%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2128	+0.071%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	−0.066%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2125	−0.097%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.165%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2123	−0.201%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.230%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.166%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2126	−0.042%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.226%	$842K	$2.1M	50x	as long as short
Hyperliquid ENAlong	+0.0817%	1h	0.2127	long leg	$114.3M	$78.7M	10x
dYdX ENA-USD	+0.1719%	1h	0.2124	−0.131%	$140K	$15K	5x	as long as short