Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.082%

Price spread now: Hyperliquid against Binance+0.128%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.267%+$27 on $10k

Price spread, last 7 days−0.062%−$6 · spread now +0.128%, 7d avg +0.082%

Together, before fees+0.204%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 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 0.046% dearer against Binance than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2130	0.0100	pay 0.0050% / 4h	3h 56m	$129.6M	$426.8M	75x
Short	Hyperliquid ENA	0.2133	0.0100	get 0.0013% / 1h	56m 56s	$115.7M	$75.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.128%Rate

Funding earned: $0
Price spread: +0.128% → +0.082%: $4.61
Slippage, 4 orders: −$11.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$26.13
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Hyperliquid: live order book, 7 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 Binance live order book, 2 min ago	0.23 bp	5.2 bp −$5	15.8 bp −$158	67.8 bp −$6,782	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.94 bp	7.6 bp −$8	11.7 bp −$117	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
Phemex ENAUSDT	−0.5222%	4h	0.2133	+0.147%	$1.9M	$9.0M	50x	as long as short
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.316%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2132	+0.123%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2137	+0.353%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2135	+0.226%	$141K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2134	+0.189%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2133	+0.169%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.304%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2136	+0.287%	$54K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	+0.126%	$572K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENAshort	+0.0100%	1h	0.2133	+0.128%	$115.7M	$75.0M	10x
Aster ENAUSDT	+0.0100%	4h	0.2131	+0.053%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2135	+0.246%	$412K	$564K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2130	long leg	$129.6M	$426.8M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2129	−0.032%	$89.2M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	+0.006%	$21.3M	$108.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.112%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2137	+0.334%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.158%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2132	+0.123%	$13.4M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	−0.004%	$39.5M	$42.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2133	+0.128%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.107%	$48.3M	$60.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2130	−0.008%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.132%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2126	−0.163%	$257K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.229%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2137	+0.320%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2083	−2.210%	$1K	$912K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	+0.147%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.236%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2135	+0.251%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2129	−0.053%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2134	+0.196%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2135	+0.226%	$5.0M	$12.5M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2134	+0.189%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2134	+0.172%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2134	+0.207%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.170%	$4.8M	$3.4M	75x	as long as short
Backpack ENA_USDC_PERP	+0.0372%	1h	0.2134	+0.175%	$413K	$477K	5x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	+0.036%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.367%	$803K	$2.0M	50x	as long as short