Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0724%/8h= +79.3% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against OKX+0.184%7-day average +0.095% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.315%+$31 on $10k

Price spread, last 7 days−0.130%−$13 · spread now +0.184%, 7d avg +0.095%

Together, before fees+0.185%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Hyperliquid is 0.089% dearer against OKX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.095%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.315% in total (about 16.4% 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	OKX ENA-USDT-SWAP	0.2124	0.0100	pay 0.0050% / 4h	34m 31s	$20.6M	$111.5M	50x
Short	Hyperliquid ENA	0.2128	0.0824	get 0.0103% / 1h	34m 31s	$114.4M	$78.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.184%Rate

Funding earned: $151.99
Price spread: +0.184% → +0.095%: $8.91
Slippage, 4 orders: −$19.18
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $122.72
Costs to cover: 0.382%
Break-even: 1.3 days

Slippage from OKX: 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 OKX live order book, 4 min ago	0.23 bp	11.7 bp −$12	19.7 bp −$197	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.70 bp	8.0 bp −$8	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	−0.0018%	4h	0.2122	−0.118%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2123	−0.056%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2124	−0.015%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.028%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0059%	1h	0.2124	−0.014%	$375K	$448K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.047%	$63K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.035%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2125	+0.043%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	+0.046%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2124	−0.007%	$131.4M	$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	0.2124	−0.024%	$89.2M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAPlong	+0.0100%	4h	0.2124	long leg	$20.6M	$111.5M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	+0.033%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.094%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.235%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.033%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2125	+0.052%	$46.9M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2126	+0.094%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.024%	$48.1M	$64.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2125	+0.033%	—	$32.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	+0.080%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.066%	$253K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2125	+0.047%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.047%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	+0.005%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.481%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2122	−0.094%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.282%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	−0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2124	−0.001%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	−0.097%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2128	+0.207%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2125	+0.071%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2124	−0.016%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2123	−0.026%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2124	−0.008%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	−0.094%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.030%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0552%	1h	0.2127	+0.137%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.363%	$842K	$2.1M	50x	as long as short
Hyperliquid ENAshort	+0.0824%	1h	0.2128	+0.184%	$114.4M	$78.7M	10x
dYdX ENA-USD	+0.1719%	1h	0.2124	+0.006%	$140K	$15K	5x	as long as short