Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.093%

Price spread now: Hyperliquid against Nado+0.172%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Nado Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.218%+$22 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.172%, 7d avg +0.075%

Together, before fees+0.258%+ Points / potential airdropNado: Active · Hyperliquid: Season 2 · farm board+$26 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: Hyperliquid is 0.097% dearer against Nado than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2091	0.0100	pay 0.0012% / 1h	0m 41s	$647K	$1.7M	10x
Short	Hyperliquid ENA	0.2094	0.0100	get 0.0013% / 1h	0m 41s	$113.5M	$74.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Nado. 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 NadobpFee HyperliquidbpOrdersPrice spread, now +0.172%Rate

Funding earned: $0
Price spread: +0.172% → +0.075%: $9.71
Slippage, 4 orders: −$10.94
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.23
Costs to cover: 0.269%
Break-even: 343757583430028.1 days

Slippage from Nado: live order book, 3 min ago; Hyperliquid: live order book, 3 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 Nado live order book, 3 min ago	0.95 bp	6.2 bp −$6	16.0 bp −$160	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.24 bp	5.9 bp −$6	doesn't fit	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	−0.0131%	4h	0.2091	−0.019%	$43K	$25K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2091	+0.010%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.005%	$72K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2090	−0.025%	$81K	—	150x	as long as short
Gate ENA_USDT	+0.0016%	4h	0.2094	+0.124%	$10.9M	$23.4M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.554%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	+0.005%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.179%	$47K	$110	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2091	long leg	$647K	$1.7M	10x
Hyperliquid ENAshort	+0.0100%	1h	0.2094	+0.172%	$113.5M	$74.0M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.169%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	+0.180%	$398K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.174%	$126.8M	$411.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2095	+0.182%	$84.5M	$174.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.210%	$20.8M	$102.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2090	−0.062%	$22K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.244%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.170%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	+0.206%	$45.3M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.234%	$24.7M	$15.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.201%	$47.6M	$57.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2096	+0.239%	—	$31.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2092	+0.038%	$357K	$400K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.068%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.236%	$240K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2098	+0.341%	$347K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	+0.244%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.029%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.425%	$1K	$857K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	+0.005%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.220%	$272K	$773K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2091	+0.005%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2096	+0.231%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	−0.013%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2100	+0.435%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2097	+0.268%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0175%	1h	0.2092	+0.063%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2090	−0.031%	$69K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2091	+0.010%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2090	−0.028%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2095	+0.220%	$858K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1198%	1h	0.2096	+0.221%	$138K	$15K	5x	as long as short