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 ApeX Omni+0.156%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.156%, 7d avg +0.052%

Together, before fees+0.187%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 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 0.103% dearer against ApeX Omni than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ENAUSDT	0.2120	0.0100	pay 0.0013% / 1h	31m 23s	$19K	$650K	50x
Short	Hyperliquid ENA	0.2123	0.0100	get 0.0013% / 1h	31m 23s	$114.8M	$76.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now +0.156%Rate

Funding earned: $0
Price spread: +0.156% → +0.052%: $10.33
Slippage, 4 orders: −$38.52
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.2
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 12 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 ApeX Omni live order book, 12 min ago	7.01 bp	20.1 bp −$20	133.8 bp −$1,338	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.23 bp	8.8 bp −$9	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	−0.0123%	4h	0.2121	+0.038%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2120	+0.019%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.080%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	+0.038%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2121	+0.047%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.011%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.038%	$561K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2123	+0.156%	$114.8M	$76.0M	10x
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.066%	$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	0.2121	+0.027%	$400K	$539K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	+0.062%	$128.4M	$429.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	0.000%	$89.7M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.108%	$21.1M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.170%	$33K	$336K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	0.000%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.118%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	+0.038%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.085%	$37.6M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.061%	$24.6M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	−0.024%	$48.0M	$60.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	+0.047%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2128	+0.357%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	+0.016%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.016%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDTlong	+0.0100%	1h	0.2120	long leg	$19K	$650K	50x
Polymarket Perps ENA-USD	+0.0100%	1h	0.2122	+0.075%	$186K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2071	−2.307%	$1K	$904K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.142%	$266K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	+0.094%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	+0.004%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	+0.047%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.042%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0160%	1h	0.2123	+0.156%	$5.0M	$13.4M	10x	as long as short
dYdX ENA-USD	+0.0205%	1h	0.2120	+0.016%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	+0.045%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2123	+0.123%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.017%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0444%	1h	0.2122	+0.104%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2124	+0.175%	$876K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0641%	1h	0.2119	−0.033%	$393K	$437K	5x	as long as short