Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0321%/8h= +35.2% APRpaid last 24h +0.036%

Price spread now: Hyperliquid against Variational Omni+0.888%7-day average +0.223% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.810%−$81 · spread now +0.888%, 7d avg +0.223%

Together, before fees−0.744%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.664% dearer against Variational Omni than usual: you sell high and buy low: +$66 more if the spread goes back to its 7-day average of +0.223%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.066% in total (about 7.4% 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	Variational Omni ENS	6.7262	−0.0145	get 0.0145% / 8h	1h 57m	$111K	$6K	—
Short	Hyperliquid ENS	6.7859	0.0176	get 0.0022% / 1h	57m 11s	$3.1M	$414K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.888%Rate

Funding earned: $67.47
Price spread: +0.888% → +0.223%: $66.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $124.91
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 27 min ago; Hyperliquid: live order book, 4 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 Variational Omni RFQ quote, 27 min ago	6.39 bp	doesn't fit	59.8 bp −$598	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.18 bp	19.8 bp −$20	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	−0.2251%	1h	6.7578	+0.470%	$92K	$436K	20x	as long as short
Gate ENS_USDT	−0.0255%	8h	6.7570	+0.458%	$460K	$562K	75x	as long as short
Variational Omni ENSlong	−0.0145%	8h	6.7262	long leg	$111K	$6K	—
Bybit ENSUSDT	−0.0091%	8h	6.7640	+0.562%	$5.4M	$3.8M	75x	as long as short
Bitget ENSUSDT	−0.0069%	8h	6.7600	+0.503%	$2.9M	$1.3M	75x	as long as short
OKX ENS-USDT-SWAP	−0.0064%	8h	6.7700	+0.651%	$2.4M	$3.5M	20x	as long as short
Aster ENSUSDT	−0.0036%	8h	6.7560	+0.442%	$8K	$89K	10x	as long as short
MEXC ENS_USDT	+0.0036%	8h	6.7590	+0.488%	$5.5M	$831K	75x	as long as short
BingX ENS-USDT	+0.0036%	8h	6.7560	+0.443%	—	$3.7M	—	as long as short
Binance ENSUSDT	+0.0038%	8h	6.7687	+0.631%	$5.3M	$13.8M	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ENSUSDT	+0.0039%	1h	6.7390	+0.190%	$24K	$609K	50x	as long as short
Extended ENS-USD	+0.0040%	1h	6.7551	+0.430%	$1K	$181K	10x	as long as short
BloFin ENS-USDT	+0.0043%	8h	6.7610	+0.517%	$312K	$73K	20x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.7540	+0.413%	$1.8M	$139K	50x	as long as short
Hyperliquid ENSshort	+0.0176%	1h	6.7859	+0.888%	$3.1M	$414K	5x