Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0479%/8h= −52.5% APRpaid last 24h −0.083%

Price spread now: Paradex against Hyperliquid−0.020%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Paradex

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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Paradex is 0.020% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2095	0.0579	pay 0.0072% / 1h	17m 55s	$110.6M	$78.9M	10x
Short	Paradex ENA-USD-PERP	0.2094	0.0100	get 0.0100% / 8h	1h 17m	$47K	$221	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$100.61
Price spread: −0.020% → 0.000%: −$2.04
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$115.64
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Paradex: 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, 6 min ago	1.19 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Orderly PERP_ENA_USDC	−0.0050%	4h	0.2093	−0.067%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0047%	1h	0.2094	−0.053%	$370K	$450K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	−0.029%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	−0.047%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.375%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.006%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.076%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2094	−0.020%	$47K	$221	10x
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.096%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.023%	$405K	$576K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.070%	$129.1M	$455.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.134%	$87.0M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.100%	$20.1M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	+0.005%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	+0.019%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.004%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.124%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.119%	$46.2M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	−0.067%	$23.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.186%	$47.3M	$64.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2092	−0.124%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2094	−0.029%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.048%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.043%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.019%	$32K	$710K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.045%	$659K	$1.8M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	−0.038%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.463%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.076%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.415%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.124%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.029%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	0.000%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0128%	1h	0.2094	−0.053%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0240% / S −0.0410%	1h	0.2093	−0.065%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2092	−0.144%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.062%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.080%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0496%	1h	0.2096	+0.053%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.158%	$826K	$2.1M	50x	as long as short
Hyperliquid ENAlong	+0.0579%	1h	0.2095	long leg	$110.6M	$78.9M	10x
dYdX ENA-USD	+0.1957%	1h	0.2095	+0.005%	$138K	$15K	5x	as long as short