Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.096%

Price spread now: Ondo Perps against Hyperliquid−0.524%7-day average −0.062% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.253%−$25 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.524%, 7d avg −0.062%

Together, before fees−0.346%+ Points / potential airdropHyperliquid: Season 2 · Ondo Perps: Active · farm board−$35 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: Ondo Perps is 0.462% cheaper against Hyperliquid than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2117	0.0100	pay 0.0013% / 1h	35m 50s	$113.8M	$71.3M	10x
Short	Ondo Perps ENA-USD.P	0.2106	0.0100	get 0.0013% / 1h	35m 50s	$19K	$364K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.524%Rate

Funding earned: $0
Price spread: −0.524% → −0.062%: −$46.21
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$60.21
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 8 min ago	0.24 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0002%	4h	0.2113	−0.165%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.076%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.164%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2112	−0.227%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.307%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.279%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.300%	$682K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2117	long leg	$113.8M	$71.3M	10x
Aster ENAUSDT	+0.0100%	4h	0.2116	−0.053%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	−0.237%	$413K	$511K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2115	−0.080%	$129.9M	$421.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.113%	$86.7M	$175.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.113%	$20.8M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2106	−0.524%	$19K	$364K	5x
Arcus ENA-USD	+0.0100%	1h	0.2112	−0.231%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.184%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.109%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2115	−0.076%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.057%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.151%	$48.2M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2114	−0.132%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2116	−0.033%	$374K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.192%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.166%	$244K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2106	−0.515%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.562%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.222%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.593%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	−0.090%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	−0.146%	$276K	$779K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.090%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	−0.253%	$47K	$110	10x	as long as short
dYdX ENA-USD	+0.0103%	1h	0.2111	−0.299%	$139K	$15K	5x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.096%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.110%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.463%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.154%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2115	−0.098%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	−0.350%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0368%	1h	0.2117	+0.005%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	−0.296%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	−0.151%	$831K	$1.5M	50x	as long as short