Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.082%

Price spread now: Hyperliquid against Pacifica+0.072%7-day average +0.095% · 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−$35as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on Pacifica Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.264%+$26 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now +0.072%, 7d avg +0.095%

Together, before fees+0.313%+ Points / potential airdropPacifica: Active · Hyperliquid: Season 2 · farm board+$31 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 0.023% cheaper against Pacifica than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ENA	0.2130	0.0100	pay 0.0013% / 1h	0m 20s	$411K	$562K	10x
Short	Hyperliquid ENA	0.2131	0.0100	get 0.0013% / 1h	0m 20s	$115.6M	$74.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Pacifica. 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 PacificabpFee HyperliquidbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → +0.095%: −$2.29
Slippage, 4 orders: −$15.53
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34.82
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Pacifica: live order book, 38 min ago; Hyperliquid: live order book, 3 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 Pacifica live order book, 38 min ago	1.19 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.94 bp	7.6 bp −$8	11.7 bp −$117	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	−0.0083%	4h	0.2129	−0.046%	$44K	$17K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	−0.064%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2130	+0.025%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.299%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0079%	1h	0.2129	−0.022%	$61K	$1.1M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2130	+0.011%	$54K	$487K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	+0.008%	$572K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2131	+0.072%	$115.6M	$74.8M	10x
Aster ENAUSDT	+0.0100%	4h	0.2131	+0.045%	$1.4M	$3.3M	50x	as long as short
Pacifica ENAlong	+0.0100%	1h	0.2130	long leg	$411K	$562K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2131	+0.045%	$129.6M	$426.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2130	−0.008%	$89.7M	$191.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	−0.031%	$21.3M	$108.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.107%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2130	+0.011%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	−0.529%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	+0.044%	$13.3M	$27.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.025%	$39.6M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2131	+0.053%	$25.0M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.064%	$48.3M	$60.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2130	+0.020%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2132	+0.091%	$413K	$483K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2127	−0.127%	$3.1M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	−0.727%	$255K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.690%	$358K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.694%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2131	+0.058%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.497%	$1K	$910K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	−0.083%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.217%	$268K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	−0.036%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2131	+0.047%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2129	−0.037%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.045%	$75K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0147%	1h	0.2129	−0.048%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2132	+0.086%	$5.0M	$13.9M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2129	−0.017%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2129	−0.039%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	−0.097%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	−0.012%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2133	+0.170%	$801K	$2.0M	50x	as long as short
dYdX ENA-USD	+0.0760%	1h	0.2129	−0.042%	$141K	$16K	5x	as long as short