Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0480%/8h= +52.6% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against MEXC+0.162%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 7 days−0.127%−$13 · spread now +0.162%, 7d avg +0.081%

Together, before fees+0.126%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.081% dearer against MEXC than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.081%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.254% in total (about 13.2% 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	MEXC ENA_USDT	0.2097	0.0100	pay 0.0050% / 4h	1h 55m	$45.2M	$46.6M	200x
Short	Hyperliquid ENA	0.2100	0.0580	get 0.0073% / 1h	55m 24s	$110.7M	$80.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.162%Rate

Funding earned: $100.86
Price spread: +0.162% → +0.081%: $8.12
Slippage, 4 orders: −$7.86
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $92.12
Costs to cover: 0.169%
Break-even: 0.6 days

Slippage from MEXC: live order book, 4 min ago; Hyperliquid: live order book, 9 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 MEXC live order book, 4 min ago	0.24 bp	0.7 bp −$1	4.1 bp −$41	33.7 bp −$3,372	61.3 bp −$30.6K
Sell Hyperliquid live order book, 9 min ago	1.20 bp	7.2 bp −$7	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
Orderly PERP_ENA_USDC	−0.0078%	4h	0.2096	−0.024%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	0.000%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.010%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.264%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2097	+0.014%	$4K	$432	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.014%	$2.6M	$5.6M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2089	−0.382%	$5K	$356K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.043%	$60K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.087%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2096	−0.064%	$657K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.014%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.044%	$405K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	−0.004%	$129.0M	$464.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	−0.038%	$87.2M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2097	−0.010%	$20.2M	$113.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2085	−0.582%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.005%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.019%	$10.5M	$21.1M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2097	long leg	$45.2M	$46.6M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.072%	$24.0M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	−0.095%	$47.4M	$65.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2096	−0.024%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2097	−0.019%	$362K	$487K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	−0.183%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2084	−0.601%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2088	−0.424%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2089	−0.377%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	+0.052%	$190K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.404%	$1K	$813K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.095%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.043%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.640%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.005%	$77K	$11K	3x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2096	−0.064%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0217% / S −0.0354%	1h	0.2097	+0.005%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.029%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.009%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0560%	1h	0.2100	+0.143%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	−0.124%	$801K	$2.1M	50x	as long as short
Hyperliquid ENAshort	+0.0580%	1h	0.2100	+0.162%	$110.7M	$80.3M	10x
dYdX ENA-USD	+0.1927%	1h	0.2094	−0.123%	$138K	$15K	5x	as long as short