Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against BloFin+0.133%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)−0.621%−$62 · spread now +0.133%, 7d avg +0.023%

Together, before fees−0.813%+ Points / potential airdropHyperliquid: Season 2 · farm board−$81 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.110% dearer against BloFin than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.023%): +$11 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 7 days (−0.192% in total) that is about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ENA-USDT	0.2100	0.0340	pay 0.0170% / 4h	41m 14s	$5.6M	$3.0M	75x
Short	Hyperliquid ENA	0.2102	0.0100	get 0.0013% / 1h	41m 14s	$111.9M	$73.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$50.4
Price spread: +0.133% → +0.023%: $10.99
Slippage, 4 orders: −$16.6
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.01
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Hyperliquid: live order book, 13 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 BloFin live order book, 2 min ago	1.67 bp	8.1 bp −$8	13.8 bp −$138	65.5 bp −$6,552	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.24 bp	10.9 bp −$11	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
Backpack ENA_USDC_PERP	−0.0314%	1h	0.2100	+0.005%	$364K	$390K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2098	−0.095%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2097	−0.105%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	−0.048%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.081%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.129%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2097	−0.152%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2101	+0.052%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.129%	$55K	$501K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	−0.078%	$47K	$110	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	0.2097	−0.110%	$662K	$1.7M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2102	+0.133%	$111.9M	$73.0M	10x
Aster ENAUSDT	+0.0100%	4h	0.2099	−0.028%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2098	−0.059%	$409K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2099	−0.019%	$128.1M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.024%	$85.2M	$175.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	+0.048%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2093	−0.324%	$20K	$311K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	−0.414%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.091%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	0.000%	$11.0M	$21.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.033%	$45.7M	$41.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.019%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.043%	$47.8M	$57.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	−0.010%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.109%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.129%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.223%	$347K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.224%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.048%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.481%	$845	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.081%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2104	+0.181%	$272K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	+0.014%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.107%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2099	−0.055%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0126%	1h	0.2098	−0.066%	$139K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0244%	1h	0.2099	−0.013%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2098	−0.086%	$51K	—	100x	as long as short
BloFin ENA-USDTlong	+0.0340%	4h	0.2100	long leg	$5.6M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.141%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.457%	$851K	$1.5M	50x	as long as short