Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.093%

Price spread now: Hyperliquid against BingX+0.047%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$24 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.047% dearer against BingX than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2117	0.0100	pay 0.0050% / 4h	3h 59m	—	$32.3M	—
Short	Hyperliquid ENA	0.2118	0.0176	get 0.0022% / 1h	59m 41s	$115.4M	$74.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.047%Rate

Funding earned: $15.92
Price spread: +0.047% → 0.000%: $4.72
Slippage, 4 orders: −$9.14
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$7.49
Costs to cover: 0.281%
Break-even: 10.3 days

Slippage from BingX: live order book, 4 min ago; Hyperliquid: live order book, 4 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 BingX live order book, 4 min ago	0.71 bp	5.7 bp −$6	8.4 bp −$84	14.6 bp −$1,458	38.9 bp −$19.5K
Sell Hyperliquid live order book, 4 min ago	1.18 bp	8.5 bp −$8	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
Backpack ENA_USDC_PERP	−0.0126%	1h	0.2115	−0.071%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2115	−0.080%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.047%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	−0.039%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	−0.014%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.317%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	−0.312%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.080%	$56K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.014%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.111%	$659K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2117	0.000%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	−0.007%	$404K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.057%	$128.7M	$415.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.009%	$85.5M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.005%	$21.1M	$103.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.094%	$20K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.014%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.482%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	−0.038%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	0.000%	$46.1M	$40.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.014%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.080%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2117	long leg	—	$32.3M	—
Variational Omni ENA	+0.0100%	4h	0.2114	−0.133%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.165%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.071%	$359K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.033%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.019%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.485%	$1K	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.033%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.085%	$274K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.080%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.056%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2116	−0.049%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0149%	1h	0.2116	−0.055%	$140K	$15K	5x	as long as short
Hyperliquid ENAshort	+0.0176%	1h	0.2118	+0.047%	$115.4M	$74.8M	10x
Lighter ENA	+0.0192%	1h	0.2117	+0.033%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	−0.001%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	−0.039%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	−0.085%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.099%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2120	+0.165%	$866K	$1.7M	50x	as long as short