Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.093%

Price spread now: BingX against Hyperliquid−0.076%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Hyperliquid Short on BingX

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+0.016%+$2 · spread now −0.076%, 7d avg −0.104%

Together, before fees−0.228%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 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: BingX is 0.027% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2095	0.0100	pay 0.0013% / 1h	48m 08s	$111.6M	$72.9M	10x
Short	BingX ENA-USDC	0.2093	0.0100	get 0.0050% / 4h	48m 08s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.076%Rate

Funding earned: $0
Price spread: −0.076% → −0.104%: $2.71
Slippage, 4 orders: −$25.45
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$41.74
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; BingX: live order book, 2 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, 6 min ago	0.24 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	0.72 bp	13.2 bp −$13	26.2 bp −$262	70.2 bp −$7,021	447.4 bp −$223.7K

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	−0.0303%	1h	0.2094	−0.048%	$366K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2094	−0.038%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0059%	4h	0.2093	−0.100%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.072%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	−0.054%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.365%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	−0.038%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2094	−0.014%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.038%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.110%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.041%	$657K	$1.6M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2095	long leg	$111.6M	$72.9M	10x
Aster ENAUSDT	+0.0100%	4h	0.2094	−0.022%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.085%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.095%	$127.9M	$415.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.072%	$85.0M	$176.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	−0.053%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.277%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.134%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.582%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	−0.100%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.091%	$45.0M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	−0.067%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.143%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2093	−0.076%	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2097	+0.095%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.472%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.459%	$353K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	+0.200%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2094	−0.038%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.454%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.134%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.014%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.086%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2091	−0.177%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.072%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0148%	1h	0.2093	−0.104%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	−0.046%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2094	−0.045%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2088	−0.344%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.084%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.224%	$851K	$1.5M	50x	as long as short