Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.031%

Price spread now: Hyperliquid against Bybit+0.110%7-day average +0.215% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$740.738% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days+0.081%+$8 · spread now +0.110%, 7d avg +0.215%

Together, before fees+0.127%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 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 0.106% cheaper against Bybit than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.215%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENSUSDT	6.6500	0.0100	pay 0.0100% / 8h	5h 45m	$5.3M	$3.7M	75x
Short	Hyperliquid ENS	6.6573	0.0100	get 0.0013% / 1h	45m 38s	$3.0M	$303K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.215%: −$10.57
Slippage, 4 orders: −$53.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$84.36
Costs to cover: 0.738%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 6 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 Bybit live order book, 2 min ago	3.76 bp	17.2 bp −$17	54.5 bp −$545	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	2.39 bp	15.8 bp −$16	doesn't fit	doesn't fit	doesn't fit

ENS on 15 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	−0.0938%	1h	6.6474	−0.039%	$89K	$433K	20x	as long as short
OKX ENS-USDT-SWAP	+0.0063%	8h	6.6580	+0.120%	$2.3M	$3.3M	20x	as long as short
BloFin ENS-USDT	+0.0083%	8h	6.6470	−0.045%	—	$76K	20x	as long as short
Hyperliquid ENSshort	+0.0100%	1h	6.6573	+0.110%	$3.0M	$303K	5x
Aster ENSUSDT	+0.0100%	8h	6.6524	+0.037%	$10K	$108K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6525	+0.037%	$5.2M	$13.6M	75x	as long as short
Bybit ENSUSDTlong	+0.0100%	8h	6.6500	long leg	$5.3M	$3.7M	75x
Gate ENS_USDT	+0.0100%	8h	6.6410	−0.135%	$452K	$563K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6500	0.000%	$5.4M	$726K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6520	+0.030%	$1.8M	$141K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ENSUSDT	+0.0100%	8h	6.6510	+0.015%	$2.9M	$1.3M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6540	+0.060%	—	$7.8M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6463	−0.055%	$106K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6490	−0.015%	$25K	$597K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6517	+0.025%	$888	$114K	10x	as long as short