Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRnext payment +$0.06 per $10,000 · paid last 24h −0.094%
Price spread now: Phoenix against Hyperliquid−0.780%61s7-day average +0.013% · you buy dearer than you sell
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$520.522% of the position
Funding, last 7 days−0.148%−$15 on $10k
+Price spread, last 4 days (all we have)+1.217%+$122 · spread now −0.780%, 7d avg +0.013%
=Together, before fees+1.069%+ Points / potential airdropHyperliquid: Season 2 · farm board+$107 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.793% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.780% now, against its 7-day average of +0.013%). If the spread goes back, that is −$79 on $10k: about 53 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.148%, so the current rate has only just turned in your favour. The two prices were read 61 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 | 0.2123 | 0.0100 | pay 0.0013% / 1h | 22m 20s | $114.1M | $71.4M | 10x |
| Short | Phoenix ENA | 0.2107 | 0.0150 | get 0.0019% / 1h | 22m 20s | $8K | $298K | 10x |
Hyperliquid ENA
Phoenix ENAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $10.51
- Price spread: −0.780% → +0.013%
- −$79.31
- Slippage, 4 orders
- −$36.2
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$121
- Costs to cover
- 0.522%
- Break-even
- 87.6 days
Slippage from Hyperliquid: live order book, 12 min ago; Phoenix: live order book, 39 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 | 1.89 bp | 11.3 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 39 min ago | 1.88 bp | 16.7 bp −$17 | 51.7 bp −$517 | 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 | −0.0017% | 4h | 0.2121 | −0.092% | $44K | $26K | 10x | as long as short |
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2121 | −0.111% | $79K | $1.3M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0004% / S −0.0004% | 1h | 0.2120 | −0.136% | $82K | — | 150x | as long as short |
| 01 Exchange ENAUSD | +0.0016% | 1h | 0.2121 | −0.116% | $4K | $302 | 10x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +0.002% | $522 | $57K | 5.5x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2120 | −0.158% | $55K | $494K | 50x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2120 | −0.135% | $681K | $1.7M | 10x | as long as short |
| Hyperliquid ENAlong | +0.0100% | 1h | 0.2123 | long leg | $114.1M | $71.4M | 10x | |
| Aster ENAUSDT | +0.0100% | 4h | 0.2122 | −0.084% | $1.5M | $3.0M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2121 | −0.105% | $414K | $506K | 10x | as long as short |
Orderly PERP_ENA_USDC
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
01 Exchange ENAUSD
Injective ENA/USDC PERP
Popdex ENAUSDT
Nado ENA-PERP
Aster ENAUSDT
Pacifica ENAShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ENAUSDT | +0.0100% | 4h | 0.2119 | −0.194% | $129.9M | $419.0M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2119 | −0.210% | $86.8M | $175.5M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2119 | −0.186% | $20.9M | $102.6M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2109 | −0.700% | $19K | $365K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2121 | −0.111% | $78K | $276K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2107 | −0.788% | $92K | $4K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2121 | −0.111% | $11.1M | $21.4M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2120 | −0.154% | $45.9M | $42.1M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2122 | −0.078% | $24.7M | $15.6M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2119 | −0.201% | $48.3M | $57.7M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2121 | −0.125% | — | $32.2M | — | as long as short |
| Backpack ENA_USDC_PERP | +0.0100% | 1h | 0.2121 | −0.116% | $375K | $363K | 5x | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2101 | −1.047% | $3.4M | $10.2M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2106 | −0.833% | $242K | $7.1M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2102 | −1.021% | $351K | $4.9M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2108 | −0.723% | $22K | $651K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2121 | −0.116% | $184K | $2.3M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2070 | −2.499% | $872 | $841K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2120 | −0.158% | $4K | $7K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2123 | −0.022% | $277K | $781K | 50x | as long as short |
| Phemex ENAUSDT | +0.0100% | 4h | 0.2120 | −0.158% | $1.8M | $8.8M | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2121 | −0.129% | $47K | $110 | 10x | as long as short |
| Extended ENA-USD | +0.0104% | 1h | 0.2120 | −0.149% | $1.6M | $4.1M | 50x | as long as short |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2121 | −0.096% | $74K | $4K | 3x | as long as short |
| Phoenix ENAshort | +0.0150% | 1h | 0.2107 | −0.780% | $8K | $298K | 10x | |
| GMX ENA/USD [ETH-USDC] | L +0.0253% / S −0.0213% | 1h | 0.2121 | −0.127% | $51K | — | 100x | as long as short |
| dYdX ENA-USD | +0.0281% | 1h | 0.2120 | −0.178% | $140K | $15K | 5x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0284% | 1h | 0.2121 | −0.106% | $2.7M | $4.3M | 50x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2121 | −0.106% | $5.7M | $3.1M | 75x | as long as short |
| Lighter ENA | +0.0408% | 1h | 0.2123 | −0.017% | $5.5M | $13.7M | 10x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2120 | −0.157% | $1K | $5K | 15x | as long as short |
| Coinbase International ENA-PERP-INTX | +0.0664% | 1h | 0.2114 | −0.446% | $831K | $1.5M | 50x | as long as short |
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Backpack ENA_USDC_PERP
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Phemex ENAUSDT
Paradex ENA-USD-PERP
Extended ENA-USD
Aevo ENA-PERP
GMX ENA/USD [ETH-USDC]
dYdX ENA-USD
Kraken Futures PF_ENAUSD
BloFin ENA-USDT
Lighter ENA
Reya ENARUSDPERP
Coinbase International ENA-PERP-INTX