Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.031%

Price spread now: OKX against Hyperliquid−0.119%7-day average −0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$880.876% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days−0.071%−$7 · spread now −0.119%, 7d avg −0.166%

Together, before fees−0.144%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.046% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.119% now, against its 7-day average of −0.166%): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.073% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.6960	0.0100	pay 0.0013% / 1h	8m 40s	$3.0M	$305K	5x
Short	OKX ENS-USDT-SWAP	6.6880	0.0086	get 0.0086% / 8h	6h 08m	$2.3M	$3.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$2.85
Price spread: −0.119% → −0.166%: $4.62
Slippage, 4 orders: −$68.57
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$85.8
Costs to cover: 0.876%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; OKX: 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, 3 min ago	1.64 bp	32.2 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.24 bp	18.9 bp −$19	87.4 bp −$874	doesn't fit	doesn't fit

ENS on 14 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	−0.0814%	1h	6.6765	−0.291%	$90K	$447K	20x	as long as short
OKX ENS-USDT-SWAPshort	+0.0086%	8h	6.6880	−0.119%	$2.3M	$3.5M	20x
Hyperliquid ENSlong	+0.0100%	1h	6.6960	long leg	$3.0M	$305K	5x
Aster ENSUSDT	+0.0100%	8h	6.6871	−0.134%	$12K	$104K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6840	−0.179%	$5.2M	$14.3M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6760	−0.299%	$5.4M	$3.8M	75x	as long as short
Gate ENS_USDT	+0.0100%	8h	6.6760	−0.299%	$453K	$572K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6870	−0.134%	$5.4M	$785K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6890	−0.105%	$1.8M	$151K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6850	−0.164%	$2.9M	$1.3M	75x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ENS-USDT	+0.0100%	8h	6.6820	−0.209%	—	$7.8M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6843	−0.174%	$107K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6950	−0.015%	$25K	$596K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6834	−0.189%	$6K	$113K	10x	as long as short