Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0216%/8h= +23.7% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against KuCoin+0.052%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.292%+$29 on $10k

Price spread, last 7 days−0.013%−$1 · spread now +0.052%, 7d avg +0.078%

Together, before fees+0.279%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.025% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.052% now, against its 7-day average of +0.078%). If the spread goes back, that is −$3 on $10k: about 9 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ENAUSDTM	0.2095	0.0100	pay 0.0050% / 4h	2h 37m	$24.1M	$16.6M	75x
Short	Hyperliquid ENA	0.2097	0.0316	get 0.0040% / 1h	37m 33s	$110.7M	$80.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.052%Rate

Funding earned: $45.38
Price spread: +0.052% → +0.078%: −$2.51
Slippage, 4 orders: −$25.84
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$3.96
Costs to cover: 0.468%
Break-even: 7.6 days

Slippage from KuCoin: live order book, 6 min ago; Hyperliquid: live order book, 6 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 KuCoin live order book, 6 min ago	1.91 bp	17.7 bp −$18	30.8 bp −$308	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.71 bp	6.2 bp −$6	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	−0.0353%	1h	0.2095	−0.029%	$360K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2093	−0.100%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2094	−0.048%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0006%	4h	0.2094	−0.091%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	−0.057%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	−0.077%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.336%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	+0.091%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.067%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.031%	$47K	$221	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	0.2093	−0.099%	$657K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	−0.045%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.033%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	−0.021%	$129.2M	$467.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.095%	$87.6M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.067%	$20.2M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	−0.258%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.067%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.067%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	−0.033%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2095	long leg	$24.1M	$16.6M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.138%	$47.4M	$66.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2095	−0.033%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.021%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.214%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.016%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.029%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.043%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.515%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.115%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	−0.076%	$271K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.115%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	−0.056%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.069%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2095	−0.032%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2094	−0.088%	$50K	—	100x	as long as short
Lighter ENA	+0.0248%	1h	0.2097	+0.100%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENAshort	+0.0316%	1h	0.2097	+0.052%	$110.7M	$80.7M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.334%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.101%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.258%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9398%	1h	0.2095	−0.036%	$138K	$12K	5x	as long as short