Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.087%

Price spread now: Hyperliquid against SoDEX−0.075%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.075% cheaper against SoDEX than usual: you would sell low and buy high, −$7 on $10k if it 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	SoDEX ENA-USD	0.2142	0.0100	pay 0.0013% / 1h	42m 49s	$4K	$7K	10x
Short	Hyperliquid ENA	0.2140	0.0100	get 0.0013% / 1h	42m 49s	$115.4M	$76.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SoDEX. 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 SoDEXbpFee HyperliquidbpOrdersPrice spread, now −0.075%Rate

Funding earned: $0
Price spread: −0.075% → 0.000%: −$7.47
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.47
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Hyperliquid: live order book, 11 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 SoDEX no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 11 min ago	0.23 bp	6.7 bp −$7	11.9 bp −$119	doesn't fit	doesn't fit

SoDEX: 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
Orderly PERP_ENA_USDC	−0.0132%	4h	0.2143	+0.042%	$45K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2144	+0.089%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2143	+0.065%	$67K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2144	+0.073%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.868%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2140	−0.089%	$5.1M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2143	+0.047%	$57K	$481K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	−0.005%	$567K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2140	−0.075%	$115.4M	$76.6M	10x
Aster ENAUSDT	+0.0100%	4h	0.2139	−0.147%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2138	−0.195%	$404K	$540K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	−0.222%	$128.9M	$428.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2137	−0.224%	$85.5M	$181.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2137	−0.210%	$21.3M	$109.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2143	+0.042%	$20K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2144	+0.093%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2148	+0.293%	$94K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2140	−0.093%	$12.4M	$26.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.224%	$48.3M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2139	−0.159%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2136	−0.285%	$48.5M	$60.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2140	−0.112%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2139	−0.141%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+0.042%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2141	−0.037%	$358K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	+0.187%	$19K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2143	+0.056%	$188K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.222%	$937	$899K	20x	as long as short
SoDEX ENA-USDlong	+0.0100%	1h	0.2142	long leg	$4K	$7K	10x
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.229%	$269K	$824K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2143	+0.047%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2138	−0.209%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2140	−0.092%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2144	+0.077%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2142	+0.009%	$8K	$276K	10x	as long as short
dYdX ENA-USD	+0.0131%	1h	0.2139	−0.138%	$141K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2144	+0.091%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2143	+0.042%	$5.7M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2143	+0.025%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0440%	1h	0.2144	+0.115%	$2.7M	$4.3M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2149	+0.341%	$887K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0642%	1h	0.2143	+0.047%	$395K	$434K	5x	as long as short