Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.089%

Price spread now: Hyperliquid against MEXC+0.199%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on MEXC 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−0.127%−$13 · spread now +0.199%, 7d avg +0.085%

Together, before fees+0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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 0.114% dearer against MEXC than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2116	0.0100	pay 0.0050% / 4h	2h 34m	$46.8M	$41.0M	200x
Short	Hyperliquid ENA	0.2120	0.0100	get 0.0013% / 1h	34m 48s	$115.1M	$74.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.199%Rate

Funding earned: $0
Price spread: +0.199% → +0.085%: $11.44
Slippage, 4 orders: −$11.87
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.43
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Hyperliquid: live order book, 9 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 MEXC live order book, 4 min ago	0.24 bp	1.9 bp −$2	8.2 bp −$82	42.4 bp −$4,236	74.8 bp −$37.4K
Sell Hyperliquid live order book, 9 min ago	0.47 bp	6.9 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
Orderly PERP_ENA_USDC	−0.0143%	4h	0.2127	+0.525%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2129	+0.614%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.558%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2127	+0.554%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2120	+0.213%	$11.1M	$23.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.369%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.586%	$57K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.045%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2128	+0.581%	$659K	$1.7M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2120	+0.199%	$115.1M	$74.3M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.177%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.073%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.028%	$128.3M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.019%	$85.5M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.014%	$21.2M	$104.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	−0.544%	$20K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.539%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.170%	$93K	−$0	10x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2116	long leg	$46.8M	$41.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.147%	$24.7M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	+0.090%	$48.1M	$58.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	+0.222%	—	$31.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2122	+0.285%	$3.1M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.035%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.113%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.113%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.605%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−1.862%	$1K	$869K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.539%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.681%	$269K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	+0.492%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2120	+0.205%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.524%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	+0.246%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2128	+0.580%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2119	+0.165%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2127	+0.545%	$71K	—	100x	as long as short
dYdX ENA-USD	+0.0316%	1h	0.2117	+0.086%	$140K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.581%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.578%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0605%	1h	0.2125	+0.468%	$360K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.718%	$872K	$1.7M	50x	as long as short