Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h 0.000%

Price spread now: BingX against Hyperliquid−0.206%7-day average −0.175% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$870.866% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.206%, 7d avg −0.175%

Together, before fees+0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.175%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.8090	0.0100	pay 0.0013% / 1h	41m 59s	$3.1M	$411K	5x
Short	BingX ENS-USDT	6.7950	0.0059	get 0.0059% / 8h	1h 41m	—	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$8.61
Price spread: −0.206% → −0.175%: −$3.1
Slippage, 4 orders: −$67.58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$98.29
Costs to cover: 0.866%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; BingX: live order book, 8 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 Hyperliquid live order book, 9 min ago	2.28 bp	28.3 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	6.65 bp	19.1 bp −$19	40.9 bp −$409	171.8 bp −$17.2K	441.7 bp −$220.8K

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	−0.2240%	1h	6.7901	−0.277%	$92K	$436K	20x	as long as short
Gate ENS_USDT	−0.0208%	8h	6.7870	−0.323%	$461K	$565K	75x	as long as short
Variational Omni ENS	−0.0126%	8h	6.7589	−0.736%	$111K	$5K	—	as long as short
Bitget ENSUSDT	−0.0065%	8h	6.7930	−0.235%	$2.9M	$1.3M	75x	as long as short
Bybit ENSUSDT	−0.0064%	8h	6.7880	−0.308%	$5.5M	$3.8M	75x	as long as short
OKX ENS-USDT-SWAP	−0.0047%	8h	6.7920	−0.250%	$2.4M	$3.5M	20x	as long as short
Aster ENSUSDT	−0.0006%	8h	6.7962	−0.188%	$8K	$89K	10x	as long as short
BingX ENS-USDTshort	+0.0059%	8h	6.7950	−0.206%	—	$3.7M	—
MEXC ENS_USDT	+0.0060%	8h	6.7980	−0.162%	$5.6M	$833K	75x	as long as short
Binance ENSUSDT	+0.0060%	8h	6.7972	−0.173%	$5.3M	$13.6M	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin ENS-USDT	+0.0063%	8h	6.7830	−0.382%	$309K	$73K	20x	as long as short
Extended ENS-USD	+0.0064%	1h	6.7960	−0.191%	$1K	$181K	10x	as long as short
Hyperliquid ENSlong	+0.0100%	1h	6.8090	long leg	$3.1M	$411K	5x
KuCoin ENSUSDTM	+0.0100%	8h	6.7960	−0.191%	$1.8M	$138K	50x	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7770	−0.470%	$24K	$607K	50x	as long as short