Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.058%

Price spread now: Variational Omni against Hyperliquid−0.160%7-day average −0.232% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.087%−$9 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.160%, 7d avg −0.232%

Together, before fees−0.038%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.072% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.232%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.6755	0.0100	pay 0.0013% / 1h	34m 15s	$3.0M	$293K	5x
Short	Variational Omni ENS	6.6648	0.0100	get 0.0100% / 8h	3h 34m	$107K	$9K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.160%Rate

Funding earned: $0
Price spread: −0.160% → −0.232%: $7.23
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.77
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 min ago; Variational Omni: RFQ quote, 20 min ago. Net counts fees only.

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	1.65 bp	19.4 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 20 min ago	7.18 bp	doesn't fit	45.2 bp −$452	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	−0.0674%	1h	6.6583	−0.258%	$90K	$406K	20x	as long as short
ApeX Omni ENSUSDT	−0.0233%	1h	6.6790	+0.052%	$25K	$600K	50x	as long as short
Gate ENS_USDT	+0.0079%	8h	6.6660	−0.142%	$456K	$561K	75x	as long as short
OKX ENS-USDT-SWAP	+0.0096%	8h	6.6590	−0.247%	$2.3M	$3.3M	20x	as long as short
BloFin ENS-USDT	+0.0099%	8h	6.6690	−0.097%	$299K	$74K	20x	as long as short
Hyperliquid ENSlong	+0.0100%	1h	6.6755	long leg	$3.0M	$293K	5x
Aster ENSUSDT	+0.0100%	8h	6.6729	−0.039%	$9K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6640	−0.172%	$5.1M	$13.4M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6620	−0.202%	$5.4M	$3.6M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6650	−0.157%	$5.9M	$754K	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	6.6740	−0.022%	$1.8M	$130K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6730	−0.037%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6680	−0.112%	—	$7.7M	—	as long as short
Variational Omni ENSshort	+0.0100%	8h	6.6648	−0.160%	$107K	$9K	—
Extended ENS-USD	+0.0104%	1h	6.6665	−0.135%	$2K	$120K	10x	as long as short