Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.086%

Price spread now: Hyperliquid against Phemex+0.171%48s7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$490.487% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 4 days (all we have)−0.560%−$56 · spread now +0.171%, 7d avg +0.068%

Together, before fees−0.302%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 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 0.103% dearer against Phemex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.068%. The two prices were read 48 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	Phemex ENAUSDT	0.2110	0.0100	pay 0.0050% / 4h	2h 20m	$1.9M	$9.0M	50x
Short	Hyperliquid ENA	0.2114	0.0100	get 0.0013% / 1h	20m 24s	$113.5M	$78.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.171%Rate

Funding earned: $0
Price spread: +0.171% → +0.068%: $10.31
Slippage, 4 orders: −$27.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.37
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: live order book, 7 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 Phemex live order book, 2 min ago	7.10 bp	15.4 bp −$15	69.9 bp −$699	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.42 bp	7.0 bp −$7	11.2 bp −$112	doesn't fit	doesn't fit

ENA on 42 exchanges

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
Kraken Futures PF_ENAUSD	−0.0243%	1h	0.2111	+0.069%	$2.6M	$4.3M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0168%	4h	0.2111	+0.038%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2111	+0.062%	$4K	$169	10x	as long as short
Bitget ENAUSDT	−0.0026%	4h	0.2111	+0.038%	$47.6M	$58.7M	75x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.052%	$90K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2110	+0.018%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.564%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	+0.123%	$4.9M	$12.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2113	+0.142%	$56K	$391K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.039%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2111	+0.038%	$590K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2114	+0.171%	$113.5M	$78.0M	10x
Aster ENAUSDT	+0.0100%	4h	0.2113	+0.126%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	+0.049%	$390K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	+0.071%	$127.4M	$415.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	+0.038%	$86.1M	$187.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2112	+0.071%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.171%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.095%	$79K	$243K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.047%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2112	+0.081%	$13.6M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2111	+0.047%	$42.2M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.166%	$25.0M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2112	+0.114%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2108	−0.080%	$3.0M	$8.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2110	−0.023%	$246K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.047%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2112	+0.095%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	+0.175%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.384%	$2K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	0.000%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.374%	$264K	$827K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2110	long leg	$1.9M	$9.0M	50x
Extended ENA-USD	+0.0104%	1h	0.2110	+0.015%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.033%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2111	+0.043%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0149%	1h	0.2112	+0.086%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2111	+0.033%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.005%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2111	+0.059%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2114	+0.213%	$769K	$1.9M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0517%	1h	0.2111	+0.066%	$409K	$482K	5x	as long as short