Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.023%

Price spread now: HTX against Injective−0.730%65s7-day average — · you buy dearer than you sell

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

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. HTX is 0.730% cheaper against Injective than usual: you would sell low and buy high (spread −0.730% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$73 on $10k: about 36 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.160%, so the current rate has only just turned in your favour. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	50m 12s	$522	$57K	5.5x
Short	HTX ENA-USDT	0.2108	0.0100	get 0.0050% / 4h	2h 50m	$274K	$778K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now −0.730%Rate

Funding earned: $14
Price spread: −0.730% → 0.000%: −$73
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$71.02
Costs to cover: 0.120%
Break-even: 42.5 days

Slippage unknown: Injective: no order-book sample; HTX: live order book, 24 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell HTX live order book, 24 min ago	25.82 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit

Injective: 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
ApeX Omni ENAUSDT	−0.0500%	1h	0.2097	−1.243%	$20K	$649K	50x	as long as short
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2104	−0.923%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0066%	4h	0.2105	−0.867%	$11.0M	$23.4M	50x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2105	−0.843%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	−0.909%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.830%	$82K	—	150x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
Popdex ENAUSDT	+0.0096%	1h	0.2105	−0.867%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.825%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2105	−0.883%	$653K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2108	−0.739%	$114.1M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.914%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	−0.818%	$400K	$512K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.988%	$127.8M	$416.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.998%	$85.3M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.994%	$21.1M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−1.159%	$22K	$320K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	−0.819%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−1.267%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−1.036%	$45.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.763%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.989%	$47.8M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2106	−0.838%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−1.018%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−1.422%	$238K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−1.304%	$354K	$5.0M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	−0.824%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2052	−3.358%	$1K	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	−0.961%	$3K	$7K	10x	as long as short
HTX ENA-USDTshort	+0.0100%	4h	0.2108	−0.730%	$274K	$778K	50x
Phemex ENAUSDT	+0.0100%	4h	0.2102	−1.008%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	−0.995%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.923%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2094	−1.408%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2105	−0.867%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0256%	1h	0.2104	−0.918%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2106	−0.818%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	−0.951%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	−0.850%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0511%	1h	0.2105	−0.867%	$359K	$400K	5x	as long as short
dYdX ENA-USD	+0.0521%	1h	0.2104	−0.898%	$139K	$15K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	−1.102%	$860K	$1.7M	50x	as long as short