Funding arb · Price arb /

ENS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Hyperliquid against Binance+0.105%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 7 days+0.027%+$3 · spread now +0.105%, 7d avg +0.138%

Together, before fees+0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 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 0.034% cheaper against Binance than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENSUSDT	6.6930	0.0100	pay 0.0100% / 8h	6h 11m	$5.2M	$14.3M	75x
Short	Hyperliquid ENS	6.7000	0.0100	get 0.0013% / 1h	11m 28s	$3.0M	$312K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.105%Rate

Funding earned: $0
Price spread: +0.105% → +0.138%: −$3.38
Slippage, 4 orders: −$45.88
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$68.26
Costs to cover: 0.649%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Hyperliquid: live order book, 10 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 Binance live order book, 14 min ago	1.50 bp	13.2 bp −$13	36.0 bp −$360	481.2 bp −$48.1K	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.47 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit

ENS on 14 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
Kraken Futures PF_ENSUSD	−0.0812%	1h	6.6874	−0.084%	$90K	$447K	20x	as long as short
OKX ENS-USDT-SWAP	+0.0092%	8h	6.6930	0.000%	$2.3M	$3.6M	20x	as long as short
Hyperliquid ENSshort	+0.0100%	1h	6.7000	+0.105%	$3.0M	$312K	5x
Aster ENSUSDT	+0.0100%	8h	6.6986	+0.083%	$11K	$104K	10x	as long as short
Binance ENSUSDTlong	+0.0100%	8h	6.6930	long leg	$5.2M	$14.3M	75x
Bybit ENSUSDT	+0.0100%	8h	6.6900	−0.045%	$5.4M	$3.8M	75x	as long as short
Gate ENS_USDT	+0.0100%	8h	6.6850	−0.120%	$453K	$572K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6920	−0.015%	$5.4M	$784K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6980	+0.075%	$1.8M	$151K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6910	−0.030%	$2.9M	$1.4M	75x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ENS-USDT	+0.0100%	8h	6.6930	0.000%	—	$7.8M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6628	−0.452%	$106K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6690	−0.359%	$25K	$597K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6942	+0.017%	$6K	$113K	10x	as long as short