Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0349%/8h= −38.2% APRpaid last 24h −0.001%

Price spread now: Gate against Hyperliquid−0.183%7-day average −0.195% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

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

costs, in and out, $10k−$820.822% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.183%, 7d avg −0.195%

Together, before fees−0.096%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.195%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.7814	0.0100	pay 0.0013% / 1h	42m 00s	$3.1M	$415K	5x
Short	Gate ENS_USDT	6.7690	−0.0249	pay 0.0249% / 8h	2h 42m	$460K	$576K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.183%Rate

Funding earned: −$73.29
Price spread: −0.183% → −0.195%: $1.2
Slippage, 4 orders: −$58.15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$154.25
Costs to cover: 0.822%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Gate: live order book, 44 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	1.03 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 44 min ago	4.43 bp	28.9 bp −$29	99.3 bp −$993	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	−0.2139%	1h	6.7660	−0.228%	$92K	$436K	20x	as long as short
Gate ENS_USDTshort	−0.0249%	8h	6.7690	−0.183%	$460K	$576K	75x
Variational Omni ENS	−0.0166%	8h	6.7595	−0.322%	$111K	$6K	—	as long as short
Bybit ENSUSDT	−0.0134%	8h	6.7590	−0.330%	$5.4M	$3.8M	75x	as long as short
OKX ENS-USDT-SWAP	−0.0048%	8h	6.7650	−0.242%	$2.4M	$3.5M	20x	as long as short
Aster ENSUSDT	−0.0036%	8h	6.7655	−0.235%	$9K	$87K	10x	as long as short
Bitget ENSUSDT	−0.0020%	8h	6.7610	−0.301%	$2.9M	$1.3M	75x	as long as short
ApeX Omni ENSUSDT	−0.0019%	1h	6.7710	−0.153%	$24K	$612K	50x	as long as short
BloFin ENS-USDT	+0.0028%	8h	6.7670	−0.212%	$314K	$73K	20x	as long as short
MEXC ENS_USDT	+0.0035%	8h	6.7660	−0.227%	$5.5M	$822K	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	+0.0036%	8h	6.7630	−0.271%	—	$3.8M	—	as long as short
Binance ENSUSDT	+0.0038%	8h	6.7655	−0.234%	$5.3M	$13.8M	75x	as long as short
Extended ENS-USD	+0.0040%	1h	6.7652	−0.239%	$1K	$181K	10x	as long as short
Hyperliquid ENSlong	+0.0100%	1h	6.7814	long leg	$3.1M	$415K	5x
KuCoin ENSUSDTM	+0.0100%	8h	6.7680	−0.198%	$1.8M	$140K	50x	as long as short