ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0748%/8h= −81.9% APRnext payment −$0.94 per $10,000 · paid last 24h −0.130%

Price spread now: Backpack against Hyperliquid−0.121%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

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

costs, in and out, $10k−$350.348% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now −0.121%, 7d avg −0.065%

Together, before fees−0.301%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Backpack is 0.056% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.065%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.197% in total (about -10.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.94 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2122	0.0793	pay 0.0099% / 1h	30m 52s	$114.1M	$78.7M	10x
Short	Backpack ENA_USDC_PERP	0.2120	0.0045	get 0.0006% / 1h	30m 52s	$374K	$446K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$157.15
Price spread: −0.121% → −0.065%: −$5.59
Slippage, 4 orders: −$15.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$197.53
Costs to cover: 0.348%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Backpack: live order book, 48 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 Hyperliquid live order book, 13 min ago	0.70 bp	7.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	0.24 bp	8.9 bp −$9	38.6 bp −$386	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	−0.0017%	4h	0.2119	−0.168%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.145%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2120	−0.114%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.053%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERPshort	+0.0045%	1h	0.2120	−0.121%	$374K	$446K	5x
Popdex ENAUSDT	+0.0096%	1h	0.2118	−0.201%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.145%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.177%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.130%	$410K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.308%	$130.9M	$452.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2117	−0.225%	$88.9M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.211%	$20.5M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.091%	$15K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.107%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2129	+0.317%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.182%	$10.8M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.225%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	−0.149%	$24.5M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.300%	$48.0M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	−0.295%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.149%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.017%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.074%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.082%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	−0.116%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2068	−2.548%	$891	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.154%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2124	+0.063%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.154%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.204%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.157%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2124	+0.105%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2120	−0.116%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0232%	1h	0.2117	−0.260%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2120	−0.097%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2119	−0.132%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.229%	$5.6M	$7.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.143%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2121	−0.041%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.444%	$842K	$2.1M	50x	as long as short
Hyperliquid ENAlong	+0.0793%	1h	0.2122	long leg	$114.1M	$78.7M	10x
dYdX ENA-USD	+0.1729%	1h	0.2120	−0.130%	$140K	$15K	5x	as long as short