Funding you earn now, next payment 23:00 UTC+0.0447%/8h= +48.9% APRpaid last 24h +0.090%
Price spread now: Hyperliquid against Phemex+0.120%48s7-day average +0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$520.522% of the position
Funding, last 7 days+0.230%+$23 on $10k
+Price spread, last 3 days (all we have)−0.422%−$42 · spread now +0.120%, 7d avg +0.050%
=Together, before fees−0.192%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.070% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.050%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.230% in total (about 12.0% 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 | Phemex ENAUSDT | 0.2090 | 0.0100 | pay 0.0050% / 4h | 1h 51m | $1.9M | $9.2M | 50x |
| Short | Hyperliquid ENA | 0.2092 | 0.0547 | get 0.0068% / 1h | 51m 27s | $110.2M | $79.7M | 10x |
Phemex ENAUSDT
Hyperliquid ENAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $93.87
- Price spread: +0.120% → +0.050%
- $6.95
- Slippage, 4 orders
- −$31.16
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $48.67
- Costs to cover
- 0.522%
- Break-even
- 3.4 days
Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 12 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 Phemex live order book, 3 min ago | 4.78 bp | 20.9 bp −$21 | 68.1 bp −$681 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 12 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 | 0.2090 | −0.005% | $40K | $24K | 10x | as long as short |
| Backpack ENA_USDC_PERP | −0.0046% | 1h | 0.2091 | +0.067% | $361K | $484K | 5x | as long as short |
| Deribit ENA_USDC-PERPETUAL | 0.0000% | 1h | 0.2091 | +0.029% | $92K | $1.8M | 50x | as long as short |
| gTrade (Gains Network) ENA/USD | L +0.0003% / S −0.0003% | 1h | 0.2090 | −0.014% | $96K | — | 150x | as long as short |
| Injective ENA/USDC PERP | +0.0033% | 1h | 0.2123 | +1.598% | $522 | $57K | 5.5x | as long as short |
| Kraken Futures PF_ENAUSD | +0.0066% | 1h | 0.2091 | +0.056% | $2.6M | $5.6M | 50x | as long as short |
| 01 Exchange ENAUSD | +0.0080% | 1h | 0.2090 | +0.005% | $4K | $432 | 10x | as long as short |
| Popdex ENAUSDT | +0.0096% | 1h | 0.2089 | −0.048% | $59K | $538K | 50x | as long as short |
| Paradex ENA-USD-PERP | +0.0100% | 8h | 0.2089 | −0.044% | $47K | $221 | 10x | as long as short |
| Nado ENA-PERP | +0.0100% | 1h | 0.2089 | −0.041% | $655K | $1.8M | 10x | as long as short |
Orderly PERP_ENA_USDC
Backpack ENA_USDC_PERP
Deribit ENA_USDC-PERPETUAL
gTrade (Gains Network) ENA/USD
Injective ENA/USDC PERP
Kraken Futures PF_ENAUSD
01 Exchange ENAUSD
Popdex ENAUSDT
Paradex ENA-USD-PERP
Nado ENA-PERPShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster ENAUSDT | +0.0100% | 4h | 0.2091 | +0.026% | $1.5M | $3.3M | 50x | as long as short |
| Pacifica ENA | +0.0100% | 1h | 0.2090 | −0.018% | $404K | $587K | 10x | as long as short |
| Binance ENAUSDT | +0.0100% | 4h | 0.2090 | −0.018% | $128.6M | $463.2M | 75x | as long as short |
| Bybit ENAUSDT | +0.0100% | 4h | 0.2089 | −0.057% | $86.8M | $193.0M | 50x | as long as short |
| OKX ENA-USDT-SWAP | +0.0100% | 4h | 0.2089 | −0.029% | $20.2M | $112.8M | 50x | as long as short |
| Ondo Perps ENA-USD.P | +0.0100% | 1h | 0.2098 | +0.397% | $20K | $414K | 5x | as long as short |
| Arcus ENA-USD | +0.0100% | 1h | 0.2090 | 0.000% | $82K | $223K | 10x | as long as short |
| Bulk ENA-USD | +0.0100% | 1h | 0.2090 | +0.004% | $88K | $1K | 10x | as long as short |
| Gate ENA_USDT | +0.0100% | 4h | 0.2089 | −0.029% | $10.4M | $21.1M | 50x | as long as short |
| MEXC ENA_USDT | +0.0100% | 4h | 0.2089 | −0.024% | $45.0M | $46.6M | 200x | as long as short |
| KuCoin ENAUSDTM | +0.0100% | 4h | 0.2091 | +0.048% | $23.9M | $16.7M | 75x | as long as short |
| Bitget ENAUSDT | +0.0100% | 4h | 0.2088 | −0.091% | $47.2M | $65.4M | 75x | as long as short |
| BingX ENA-USDT | +0.0100% | 4h | 0.2089 | −0.029% | — | $32.9M | — | as long as short |
| Variational Omni ENA | +0.0100% | 4h | 0.2093 | +0.147% | $3.8M | $10.4M | — | as long as short |
| edgeX ENAUSDC | +0.0100% | 4h | 0.2091 | +0.062% | $248K | $7.8M | 20x | as long as short |
| GRVT ENA_USDT_Perp | +0.0100% | 4h | 0.2096 | +0.303% | $353K | $4.6M | 10x | as long as short |
| ApeX Omni ENAUSDT | +0.0100% | 1h | 0.2091 | +0.048% | $32K | $712K | 50x | as long as short |
| Polymarket Perps ENA-USD | +0.0100% | 1h | 0.2090 | +0.005% | $187K | $2.8M | 10x | as long as short |
| SunX ENA-USDT | +0.0100% | 4h | 0.2042 | −2.301% | $1K | $814K | 20x | as long as short |
| SoDEX ENA-USD | +0.0100% | 1h | 0.2091 | +0.048% | $4K | $14K | 10x | as long as short |
| HTX ENA-USDT | +0.0100% | 4h | 0.2098 | +0.397% | $272K | $1.5M | 50x | as long as short |
| Phemex ENAUSDTlong | +0.0100% | 4h | 0.2090 | long leg | $1.9M | $9.2M | 50x | |
| Aevo ENA-PERP | +0.0104% | 1h | 0.2090 | +0.016% | $77K | $11K | 3x | as long as short |
| Phoenix ENA | +0.0115% | 1h | 0.2092 | +0.115% | $5K | $356K | 10x | as long as short |
| Extended ENA-USD | +0.0216% | 1h | 0.2089 | −0.054% | $1.6M | $4.2M | 50x | as long as short |
| GMX ENA/USD [ETH-USDC] | L +0.0219% / S −0.0360% | 1h | 0.2089 | −0.032% | $38K | — | 100x | as long as short |
| BloFin ENA-USDT | +0.0340% | 4h | 0.2090 | −0.014% | $5.5M | $8.1M | 75x | as long as short |
| Reya ENARUSDPERP | +0.0412% | 1h | 0.2089 | −0.040% | $1K | $5K | 15x | as long as short |
| Lighter ENA | +0.0432% | 1h | 0.2092 | +0.115% | $5.6M | $12.9M | 10x | as long as short |
| Hyperliquid ENAshort | +0.0547% | 1h | 0.2092 | +0.120% | $110.2M | $79.7M | 10x | |
| Coinbase International ENA-PERP-INTX | +0.0576% | 1h | 0.2094 | +0.206% | $801K | $2.1M | 50x | as long as short |
| dYdX ENA-USD | +0.1795% | 1h | 0.2091 | +0.062% | $138K | $15K | 5x | as long as short |
Aster ENAUSDT
Pacifica ENA
Binance ENAUSDT
Bybit ENAUSDT
OKX ENA-USDT-SWAP
Ondo Perps ENA-USD.P
Arcus ENA-USD
Bulk ENA-USD
Gate ENA_USDT
MEXC ENA_USDT
KuCoin ENAUSDTM
Bitget ENAUSDT
BingX ENA-USDT
Variational Omni ENA
edgeX ENAUSDC
GRVT ENA_USDT_Perp
ApeX Omni ENAUSDT
Polymarket Perps ENA-USD
SunX ENA-USDT
SoDEX ENA-USD
HTX ENA-USDT
Aevo ENA-PERP
Phoenix ENA
Extended ENA-USD
GMX ENA/USD [ETH-USDC]
BloFin ENA-USDT
Reya ENARUSDPERP
Lighter ENA
Coinbase International ENA-PERP-INTX
dYdX ENA-USD