Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.016%

Price spread now: Bitget against Hyperliquid−0.080%7-day average −0.180% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$880.881% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days−0.123%−$12 · spread now −0.080%, 7d avg −0.180%

Together, before fees−0.217%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.100% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.080% now, against its 7-day average of −0.180%): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.094% in total) that is about 7.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.6563	0.0218	pay 0.0027% / 1h	51m 45s	$3.0M	$354K	5x
Short	Bitget ENSUSDT	6.6510	0.0100	get 0.0100% / 8h	6h 51m	$3.0M	$1.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$24.78
Price spread: −0.080% → −0.180%: $10.04
Slippage, 4 orders: −$67.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$102.81
Costs to cover: 0.881%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Bitget: live order book, 1 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, 10 min ago	0.97 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	8.27 bp	22.1 bp −$22	76.3 bp −$763	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	−0.0818%	1h	6.6444	−0.178%	$87K	$447K	20x	as long as short
ApeX Omni ENSUSDT	−0.0621%	1h	6.6740	+0.266%	$25K	$603K	50x	as long as short
OKX ENS-USDT-SWAP	+0.0062%	8h	6.6400	−0.245%	$2.3M	$3.4M	20x	as long as short
Variational Omni ENS	+0.0062%	8h	6.5880	−1.026%	$105K	$8K	—	as long as short
BloFin ENS-USDT	+0.0079%	8h	6.6470	−0.140%	$304K	$76K	20x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6463	−0.150%	$13K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6510	−0.080%	$5.1M	$14.2M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6480	−0.125%	$5.4M	$3.8M	75x	as long as short
Gate ENS_USDT	+0.0100%	8h	6.6430	−0.200%	$460K	$564K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6510	−0.080%	$5.4M	$775K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ENSUSDTM	+0.0100%	8h	6.6530	−0.050%	$1.8M	$144K	50x	as long as short
Bitget ENSUSDTshort	+0.0100%	8h	6.6510	−0.080%	$3.0M	$1.3M	75x
BingX ENS-USDT	+0.0100%	8h	6.6510	−0.080%	—	$7.8M	—	as long as short
Extended ENS-USD	+0.0104%	1h	6.6499	−0.097%	$4K	$107K	10x	as long as short
Hyperliquid ENSlong	+0.0218%	1h	6.6563	long leg	$3.0M	$354K	5x