Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.031%

Price spread now: Bybit against Hyperliquid−0.292%7-day average −0.215% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$730.728% of the position

Long on Hyperliquid Short on Bybit

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+0.102%+$10 · spread now −0.292%, 7d avg −0.215%

Together, before fees+0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.077% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.215%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.6715	0.0174	pay 0.0022% / 1h	57m 02s	$3.0M	$302K	5x
Short	Bybit ENSUSDT	6.6520	0.0100	get 0.0100% / 8h	4h 57m	$5.3M	$3.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.292%Rate

Funding earned: −$15.58
Price spread: −0.292% → −0.215%: −$7.68
Slippage, 4 orders: −$52.84
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$96.1
Costs to cover: 0.728%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: 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, 4 min ago	2.47 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	3.02 bp	21.5 bp −$21	50.7 bp −$507	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	−0.0852%	1h	6.6512	−0.304%	$89K	$413K	20x	as long as short
Gate ENS_USDT	+0.0031%	8h	6.6580	−0.202%	$453K	$562K	75x	as long as short
BloFin ENS-USDT	+0.0089%	8h	6.6600	−0.172%	$302K	$73K	20x	as long as short
OKX ENS-USDT-SWAP	+0.0093%	8h	6.6570	−0.217%	$2.3M	$3.2M	20x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6495	−0.330%	$10K	$103K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6611	−0.156%	$5.2M	$13.4M	75x	as long as short
Bybit ENSUSDTshort	+0.0100%	8h	6.6520	−0.292%	$5.3M	$3.6M	75x
MEXC ENS_USDT	+0.0100%	8h	6.6510	−0.307%	$5.4M	$679K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6500	−0.322%	$1.8M	$133K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6530	−0.277%	$2.9M	$1.2M	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ENS-USDT	+0.0100%	8h	6.6460	−0.382%	—	$7.8M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6466	−0.373%	$106K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6490	−0.337%	$25K	$598K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6425	−0.435%	$4K	$116K	10x	as long as short
Hyperliquid ENSlong	+0.0174%	1h	6.6715	long leg	$3.0M	$302K	5x