Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.096%

Price spread now: Bulk against Hyperliquid+0.204%50s7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 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: Bulk is 0.204% dearer against Hyperliquid than usual: you sell high and buy low, +$20 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2109	0.0100	pay 0.0013% / 1h	38m 42s	$113.4M	$71.3M	10x
Short	Bulk ENA-USD	0.2113	0.0100	get 0.0013% / 1h	38m 42s	$93K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Hyperliquid. 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 HyperliquidbpFee BulkbpOrdersPrice spread, now +0.204%Rate

Funding earned: $0
Price spread: +0.204% → 0.000%: $20.39
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $4.39
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 5 min ago; Bulk: no order-book sample. 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 Hyperliquid live order book, 5 min ago	0.24 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	−0.138%	$79K	$1.3M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0004%	4h	0.2105	−0.166%	$44K	$27K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.130%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2106	−0.133%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.697%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0092%	1h	0.2108	−0.044%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.175%	$54K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.111%	$680K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2109	long leg	$113.4M	$71.3M	10x
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.106%	$1.5M	$3.0M	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	0.2106	−0.111%	$411K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.138%	$129.3M	$423.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	−0.152%	$86.4M	$176.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2106	−0.123%	$20.7M	$102.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.175%	$19K	$371K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.081%	$78K	$288K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2113	+0.204%	$93K	$4K	10x
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.171%	$11.0M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.133%	$45.4M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.100%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.128%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	−0.152%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2106	−0.133%	$373K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2112	+0.154%	$3.4M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.222%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	+0.296%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.346%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.095%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.480%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2104	−0.223%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.114%	$276K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	−0.175%	$1.8M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	−0.178%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2105	−0.198%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.141%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2118	+0.432%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2105	−0.152%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0286%	1h	0.2106	−0.142%	$2.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.261%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2109	+0.005%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.129%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	+0.408%	$833K	$1.5M	50x	as long as short