Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0386%/8h= +42.2% APRpaid last 24h +0.122%

Price spread now: Hyperliquid against Orderly+0.172%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.172% dearer against Orderly than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2095	−0.0084	get 0.0042% / 4h	2h 41m	$41K	$24K	10x
Short	Hyperliquid ENA	0.2099	0.0302	get 0.0038% / 1h	41m 20s	$111.5M	$80.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.172%Rate

Funding earned: $81
Price spread: +0.172% → 0.000%: $17.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $83.18
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 13 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 13 min ago	1.19 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0365%	1h	0.2095	+0.005%	$361K	$486K	5x	as long as short
Orderly PERP_ENA_USDClong	−0.0084%	4h	0.2095	long leg	$41K	$24K	10x
01 Exchange ENAUSD	−0.0040%	1h	0.2096	+0.048%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0022%	4h	0.2095	+0.005%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2096	+0.019%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.043%	$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	0.2095	−0.019%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.026%	$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	0.2095	0.000%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.029%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.004%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2096	+0.024%	$129.2M	$469.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	−0.024%	$87.7M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+0.014%	$20.1M	$114.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.081%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.029%	$83K	$221K	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	0.2096	+0.024%	$44.9M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.024%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2094	−0.057%	$47.4M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2096	+0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.064%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.115%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.122%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.162%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.086%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.377%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.029%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.215%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	−0.019%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2095	−0.028%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	+0.029%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2097	+0.091%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2098	+0.105%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2096	+0.041%	$50K	—	100x	as long as short
Hyperliquid ENAshort	+0.0302%	1h	0.2099	+0.172%	$111.5M	$80.9M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2094	−0.043%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	0.000%	$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	+0.9447%	1h	0.2096	+0.037%	$138K	$12K	5x	as long as short