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 +0.093%

Price spread now: Hyperliquid against edgeX−0.627%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$25 on $10k

Price spread, last 7 days+0.713%+$71 · spread now −0.627%, 7d avg +0.100%

Together, before fees+0.958%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board+$96 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 0.726% cheaper against edgeX than usual: you would sell low and buy high, −$73 on $10k if it goes back to its 7-day average of +0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2102	0.0100	pay 0.0050% / 4h	2h 55m	$241K	$6.8M	20x
Short	Hyperliquid ENA	0.2088	0.0100	get 0.0013% / 1h	55m 23s	$113.0M	$74.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now −0.627%Rate

Funding earned: $0
Price spread: −0.627% → +0.100%: −$72.65
Slippage, 4 orders: −$18.48
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$109.13
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Hyperliquid: live order book, 8 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 edgeX live order book, 4 min ago	7.16 bp	11.7 bp −$12	13.2 bp −$132	44.4 bp −$4,437	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.24 bp	5.9 bp −$6	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	−0.0134%	4h	0.2097	−0.222%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0020%	4h	0.2086	−0.732%	$10.9M	$23.2M	50x	as long as short
01 Exchange ENAUSD	−0.0016%	1h	0.2087	−0.689%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.242%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.694%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.038%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	−0.694%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2086	−0.751%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2085	−0.792%	$647K	$1.7M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2088	−0.627%	$113.0M	$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	0.2088	−0.657%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2088	−0.635%	$397K	$512K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	−0.683%	$126.4M	$414.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2088	−0.646%	$84.9M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	−0.708%	$20.9M	$102.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2092	−0.441%	$22K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2087	−0.694%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	−0.339%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2086	−0.722%	$45.1M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	−0.617%	$24.7M	$15.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2085	−0.784%	$47.5M	$57.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2087	−0.684%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.228%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDClong	+0.0100%	4h	0.2102	long leg	$241K	$6.8M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.258%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.211%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2087	−0.689%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.920%	$945	$859K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.456%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	−0.313%	$272K	$778K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2088	−0.646%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2086	−0.754%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2096	−0.265%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2098	−0.189%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0164%	1h	0.2093	−0.396%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2089	−0.575%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2087	−0.697%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.415%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2086	−0.762%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0558%	1h	0.2090	−0.556%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2097	−0.242%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1173%	1h	0.2088	−0.668%	$138K	$15K	5x	as long as short