Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.085%

Price spread now: Hyperliquid against Bybit+0.075%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.305%+$31 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.075%, 7d avg +0.115%

Together, before fees+0.283%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 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 0.040% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2141	0.0100	pay 0.0050% / 4h	3h 14m	$88.8M	$192.0M	50x
Short	Hyperliquid ENA	0.2143	0.0100	get 0.0013% / 1h	14m 45s	$117.1M	$76.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.075%Rate

Funding earned: $0
Price spread: +0.075% → +0.115%: −$4.02
Slippage, 4 orders: −$15.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$39.93
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Bybit: 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 Bybit live order book, 4 min ago	0.23 bp	10.5 bp −$11	16.9 bp −$169	55.4 bp −$5,542	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.17 bp	7.8 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
01 Exchange ENAUSD	−0.0104%	1h	0.2142	+0.037%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0099%	4h	0.2141	0.000%	$44K	$15K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2143	+0.065%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2141	+0.010%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.901%	$734	$57K	5.5x	as long as short
Phemex ENAUSDT	+0.0036%	4h	0.2141	−0.009%	$1.9M	$9.0M	50x	as long as short
Bitget ENAUSDT	+0.0058%	4h	0.2138	−0.145%	$48.5M	$60.4M	75x	as long as short
dYdX ENA-USD	+0.0082%	1h	0.2140	−0.034%	$142K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2141	−0.014%	$5.0M	$13.1M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2141	−0.009%	$55K	$496K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2140	−0.054%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2141	−0.027%	$566K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2143	+0.075%	$117.1M	$76.5M	10x
Aster ENAUSDT	+0.0100%	4h	0.2142	+0.037%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	+0.008%	$410K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2141	−0.014%	$129.1M	$425.8M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2141	long leg	$88.8M	$192.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2141	+0.009%	$21.2M	$108.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2142	+0.056%	$39K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2141	−0.009%	$80K	$249K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.282%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.028%	$13.4M	$28.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	−0.056%	$42.1M	$44.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2142	+0.037%	$25.1M	$15.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2140	−0.042%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2142	+0.042%	$414K	$479K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2146	+0.217%	$3.1M	$9.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2143	+0.092%	$253K	$7.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2147	+0.281%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2142	+0.037%	$19K	$643K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2142	+0.037%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2092	−2.288%	$1K	$925K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2142	+0.037%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2147	+0.252%	$266K	$847K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2139	−0.096%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2142	+0.061%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.271%	$14K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2142	+0.051%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0756%	1h	0.2143	+0.068%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2142	+0.014%	$5.6M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2140	−0.045%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2147	+0.252%	$797K	$2.0M	50x	as long as short