Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0273%/8h= +29.9% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against Bybit+0.351%7-day average +0.215% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days−0.149%−$15 · spread now +0.351%, 7d avg +0.215%

Together, before fees−0.106%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.136% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.215%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	Bybit ENSUSDT	6.7820	0.0100	pay 0.0100% / 8h	7h 09m	$5.4M	$3.7M	75x
Short	Hyperliquid ENS	6.8058	0.0373	get 0.0047% / 1h	9m 13s	$3.1M	$348K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.351%Rate

Funding earned: $57.34
Price spread: +0.351% → +0.215%: $13.61
Slippage, 4 orders: −$68.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.64
Costs to cover: 0.886%
Break-even: 9.2 days

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: live order book, 2 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 Bybit live order book, 4 min ago	4.43 bp	19.8 bp −$20	54.5 bp −$545	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.99 bp	20.8 bp −$21	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	−0.1387%	1h	6.7828	+0.012%	$91K	$441K	20x	as long as short
Variational Omni ENS	+0.0043%	8h	6.7654	−0.245%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAP	+0.0050%	8h	6.7810	−0.015%	$2.4M	$3.4M	20x	as long as short
Bitget ENSUSDT	+0.0099%	8h	6.7920	+0.147%	$3.0M	$1.3M	75x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.7902	+0.120%	$15K	$103K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.7910	+0.133%	$5.4M	$13.5M	75x	as long as short
Bybit ENSUSDTlong	+0.0100%	8h	6.7820	long leg	$5.4M	$3.7M	75x
Gate ENS_USDT	+0.0100%	8h	6.7820	0.000%	$465K	$576K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.7960	+0.206%	$5.5M	$864K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.7900	+0.118%	$1.8M	$129K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ENS-USDT	+0.0100%	8h	6.7910	+0.133%	—	$7.9M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7780	−0.059%	$25K	$604K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.7894	+0.110%	$4K	$107K	10x	as long as short
BloFin ENS-USDT	+0.0128%	8h	6.8010	+0.280%	$311K	$74K	20x	as long as short
Hyperliquid ENSshort	+0.0373%	1h	6.8058	+0.351%	$3.1M	$348K	5x