Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0354%/8h= +38.7% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against OKX+0.305%7-day average +0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$740.743% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.305%, 7d avg +0.165%

Together, before fees−0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.139% dearer against OKX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.165%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.4% 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	OKX ENS-USDT-SWAP	6.7650	−0.0086	get 0.0086% / 8h	34m 54s	$2.4M	$3.5M	20x
Short	Hyperliquid ENS	6.7856	0.0268	get 0.0034% / 1h	34m 54s	$3.1M	$410K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.305%Rate

Funding earned: $74.31
Price spread: +0.305% → +0.165%: $13.92
Slippage, 4 orders: −$55.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $13.98
Costs to cover: 0.743%
Break-even: 5.7 days

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 6 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 OKX live order book, 2 min ago	2.95 bp	18.3 bp −$18	80.8 bp −$808	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.81 bp	23.2 bp −$23	doesn't fit	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	−0.1941%	1h	6.7632	−0.026%	$93K	$446K	20x	as long as short
Gate ENS_USDT	−0.0233%	8h	6.7560	−0.133%	$447K	$577K	75x	as long as short
Variational Omni ENS	−0.0093%	8h	6.7672	+0.033%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAPlong	−0.0086%	8h	6.7650	long leg	$2.4M	$3.5M	20x
Bitget ENSUSDT	−0.0042%	8h	6.7650	0.000%	$2.9M	$1.3M	75x	as long as short
Bybit ENSUSDT	−0.0026%	8h	6.7630	−0.030%	$5.4M	$3.8M	75x	as long as short
Aster ENSUSDT	+0.0042%	8h	6.7787	+0.202%	$10K	$97K	10x	as long as short
BloFin ENS-USDT	+0.0075%	8h	6.7740	+0.133%	$320K	$75K	20x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.7697	+0.069%	$5.5M	$13.8M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.7700	+0.074%	$5.6M	$856K	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	6.7680	+0.044%	$1.8M	$138K	50x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.7640	−0.015%	—	$3.6M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7830	+0.266%	$24K	$608K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.7677	+0.040%	$1K	$181K	10x	as long as short
Hyperliquid ENSshort	+0.0268%	1h	6.7856	+0.305%	$3.1M	$410K	5x