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 edgeX+0.805%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs+$31as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$25 on $10k

Price spread, last 7 days−0.694%−$69 · spread now +0.805%, 7d avg +0.106%

Together, before fees−0.449%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$45 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 0.699% dearer against edgeX than usual: you sell high and buy low, +$70 on $10k if it goes back to its 7-day average of +0.106%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2131	0.0100	pay 0.0050% / 4h	3h 49m	$258K	$7.0M	20x
Short	Hyperliquid ENA	0.2149	0.0100	get 0.0013% / 1h	49m 09s	$116.7M	$75.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.805%Rate

Funding earned: $0
Price spread: +0.805% → +0.106%: $69.91
Slippage, 4 orders: −$21.23
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $30.68
Costs to cover: 0.392%
Break-even: from the start

Slippage from edgeX: live order book, 5 min ago; Hyperliquid: live order book, 5 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 edgeX live order book, 5 min ago	7.04 bp	11.5 bp −$12	13.0 bp −$130	43.7 bp −$4,366	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.64 bp	6.6 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
Phemex ENAUSDT	−0.1341%	4h	0.2146	+0.688%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2146	+0.707%	$45K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2147	+0.735%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	+0.787%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2147	+0.712%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.372%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2149	+0.815%	$5.1M	$12.7M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2146	+0.688%	$54K	$488K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2146	+0.694%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	+0.702%	$578K	$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	0.2149	+0.805%	$116.7M	$75.2M	10x
Aster ENAUSDT	+0.0100%	4h	0.2148	+0.782%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2146	+0.688%	$414K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2147	+0.758%	$130.4M	$426.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2147	+0.726%	$89.4M	$192.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2147	+0.749%	$21.5M	$109.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2133	+0.059%	$33K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2147	+0.735%	$80K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.226%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2147	+0.744%	$13.5M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2147	+0.749%	$39.8M	$42.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2148	+0.787%	$25.3M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2145	+0.646%	$48.6M	$60.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2147	+0.730%	—	$31.4M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2135	+0.191%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2131	long leg	$258K	$7.0M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	+0.031%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	+0.031%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2147	+0.712%	$176K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2096	−1.644%	$1K	$914K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2147	+0.735%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2153	+1.031%	$270K	$807K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2147	+0.717%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2147	+0.751%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	+0.299%	$13K	$267K	10x	as long as short
dYdX ENA-USD	+0.0158%	1h	0.2145	+0.633%	$142K	$16K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0194%	1h	0.2146	+0.703%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2148	+0.759%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	+0.754%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2147	+0.717%	$1K	—	15x	as long as short
Backpack ENA_USDC_PERP	+0.0521%	1h	0.2148	+0.801%	$416K	$481K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2150	+0.866%	$799K	$2.0M	50x	as long as short