Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.089%

Price spread now: Hyperliquid against Nado+0.126%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Nado Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.218%+$22 on $10k

Price spread, last 7 days−0.015%−$2 · spread now +0.126%, 7d avg +0.069%

Together, before fees+0.203%+ Points / potential airdropNado: Active · Hyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.057% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2101	0.0100	pay 0.0012% / 1h	39m 30s	$651K	$1.7M	10x
Short	Hyperliquid ENA	0.2103	0.0100	get 0.0013% / 1h	39m 30s	$114.0M	$74.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Nado. 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 NadobpFee HyperliquidbpOrdersPrice spread, now +0.126%Rate

Funding earned: $0
Price spread: +0.126% → +0.069%: $5.73
Slippage, 4 orders: −$16.43
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$26.7
Costs to cover: 0.324%
Break-even: 532593151767568.8 days

Slippage from Nado: live order book, 4 min ago; Hyperliquid: live order book, 4 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 Nado live order book, 4 min ago	1.18 bp	7.2 bp −$7	16.2 bp −$162	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.47 bp	6.9 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	−0.0142%	4h	0.2100	−0.026%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2100	−0.017%	$11.0M	$23.5M	50x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2099	−0.069%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	+0.012%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2100	−0.014%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.088%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.121%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.005%	$47K	$110	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2101	long leg	$651K	$1.7M	10x
Hyperliquid ENAshort	+0.0100%	1h	0.2103	+0.126%	$114.0M	$74.1M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	−0.025%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2101	+0.003%	$394K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.098%	$127.1M	$416.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.098%	$84.9M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	−0.017%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.107%	$20K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.026%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	+0.545%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	+0.026%	$45.3M	$40.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	+0.012%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.060%	$47.7M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	−0.007%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.016%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.390%	$242K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2103	+0.135%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.307%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	−0.021%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.430%	$1K	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.026%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.202%	$265K	$799K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.026%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.068%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.030%	$73K	$4K	3x	as long as short
Lighter ENA	+0.0144%	1h	0.2102	+0.083%	$5.2M	$13.0M	10x	as long as short
Phoenix ENA	+0.0153%	1h	0.2111	+0.483%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0164%	1h	0.2102	+0.052%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2100	−0.048%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2105	+0.193%	$5.5M	$3.0M	75x	as long as short
dYdX ENA-USD	+0.0395%	1h	0.2101	−0.002%	$139K	$15K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2101	+0.014%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0555%	1h	0.2101	+0.026%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2102	+0.093%	$860K	$1.7M	50x	as long as short