Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0686%/8h= −75.1% APRpaid last 24h −0.096%

Price spread now: MEXC against Hyperliquid−0.138%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.259%−$26 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.138%, 7d avg −0.085%

Together, before fees−0.178%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and MEXC is 0.053% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.085%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.259% in total (about -13.5% a year). A funding rate is set anew for every payment. 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	0.2169	0.0786	pay 0.0098% / 1h	7m 19s	$117.9M	$73.9M	10x
Short	MEXC ENA_USDT	0.2166	0.0100	get 0.0050% / 4h	3h 07m	$45.8M	$45.2M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$144.04
Price spread: −0.138% → −0.085%: −$5.34
Slippage, 4 orders: −$15.21
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$173.6
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; MEXC: 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, 7 min ago	0.23 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.23 bp	3.7 bp −$4	10.3 bp −$103	39.1 bp −$3,909	66.4 bp −$33.2K

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
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2166	−0.142%	$93K	—	150x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0027%	1h	0.2167	−0.078%	$81K	$1.6M	50x	as long as short
Orderly PERP_ENA_USDC	+0.0031%	4h	0.2166	−0.138%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.102%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2166	−0.138%	$53K	$523K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2165	−0.187%	$721K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2168	−0.055%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2168	−0.065%	$427K	$550K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2167	−0.107%	$135.4M	$441.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2165	−0.161%	$89.1M	$186.0M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2166	−0.120%	$21.4M	$110.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2171	+0.078%	$16K	$416K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2167	−0.092%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2167	−0.092%	$95K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2165	−0.171%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2166	−0.138%	$45.8M	$45.2M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2167	−0.088%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2165	−0.198%	$49.1M	$61.1M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2165	−0.171%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2170	+0.055%	$385K	$380K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2158	−0.521%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2169	−0.019%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2169	+0.020%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2169	0.000%	$33K	$686K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2166	−0.138%	$181K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2115	−2.494%	$1K	$833K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2166	−0.138%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2170	+0.060%	$281K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2167	−0.092%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2167	−0.081%	$49K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2167	−0.107%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2169	+0.009%	$8K	$347K	10x	as long as short
dYdX ENA-USD	+0.0168%	1h	0.2165	−0.197%	$143K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0176%	1h	0.2165	−0.203%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0230%	1h	0.2168	−0.039%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2166	−0.141%	$82K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2166	−0.143%	$5.7M	$2.0M	75x	as long as short
Extended ENA-USD	+0.0360%	1h	0.2166	−0.156%	$1.6M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2164	−0.219%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2172	+0.129%	$859K	$1.8M	50x	as long as short
Lighter ENA	+0.0776%	1h	0.2170	+0.055%	$5.9M	$13.2M	10x	as long as short
Hyperliquid ENAlong	+0.0786%	1h	0.2169	long leg	$117.9M	$73.9M	10x