Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.002%

Price spread now: MEXC against Hyperliquid−0.208%7-day average −0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.208%, 7d avg −0.142%

Together, before fees+0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.066% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.142%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.7811	0.0280	pay 0.0035% / 1h	33m 55s	$3.1M	$410K	5x
Short	MEXC ENS_USDT	6.7670	0.0100	get 0.0100% / 8h	33m 55s	$5.6M	$857K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.208%Rate

Funding earned: −$37.75
Price spread: −0.208% → −0.142%: −$6.59
Slippage, 4 orders: −$39.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$96.63
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; MEXC: live order book, 4 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, 7 min ago	0.81 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	2.95 bp	8.7 bp −$9	18.0 bp −$180	58.7 bp −$5,867	101.4 bp −$50.7K

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	−0.1943%	1h	6.7575	−0.348%	$93K	$446K	20x	as long as short
Gate ENS_USDT	−0.0238%	8h	6.7640	−0.252%	$447K	$577K	75x	as long as short
Variational Omni ENS	−0.0093%	8h	6.7672	−0.205%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAP	−0.0087%	8h	6.7620	−0.282%	$2.4M	$3.4M	20x	as long as short
Bitget ENSUSDT	−0.0041%	8h	6.7650	−0.237%	$2.9M	$1.3M	75x	as long as short
Bybit ENSUSDT	−0.0024%	8h	6.7590	−0.326%	$5.4M	$3.8M	75x	as long as short
Aster ENSUSDT	+0.0042%	8h	6.7759	−0.076%	$10K	$97K	10x	as long as short
BloFin ENS-USDT	+0.0075%	8h	6.7740	−0.105%	$320K	$75K	20x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.7670	−0.208%	$5.5M	$13.7M	75x	as long as short
MEXC ENS_USDTshort	+0.0100%	8h	6.7670	−0.208%	$5.6M	$857K	75x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ENSUSDTM	+0.0100%	8h	6.7770	−0.060%	$1.8M	$138K	50x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.7600	−0.311%	—	$3.6M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7830	+0.028%	$24K	$608K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.7678	−0.196%	$1K	$181K	10x	as long as short
Hyperliquid ENSlong	+0.0280%	1h	6.7811	long leg	$3.1M	$410K	5x