Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: Hyperliquid against Bybit+0.333%7-day average +0.217% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 7 days−0.145%−$14 · spread now +0.333%, 7d avg +0.217%

Together, before fees−0.097%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 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: Hyperliquid is 0.116% dearer against Bybit than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.217%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENSUSDT	6.6610	0.0100	pay 0.0100% / 8h	42m 22s	$5.4M	$3.3M	75x
Short	Hyperliquid ENS	6.6832	0.0100	get 0.0013% / 1h	42m 22s	$3.0M	$293K	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 +0.333%Rate

Funding earned: $0
Price spread: +0.333% → +0.217%: $11.62
Slippage, 4 orders: −$44.73
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$53.1
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Bybit: live order book, just now; Hyperliquid: live order book, 9 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, just now	2.25 bp	21.6 bp −$22	59.9 bp −$599	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.43 bp	14.0 bp −$14	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	−0.1026%	1h	6.6665	+0.083%	$91K	$357K	20x	as long as short
OKX ENS-USDT-SWAP	−0.0018%	8h	6.6670	+0.090%	$2.3M	$3.3M	20x	as long as short
BloFin ENS-USDT	+0.0093%	8h	6.6570	−0.060%	$294K	$78K	20x	as long as short
Hyperliquid ENSshort	+0.0100%	1h	6.6832	+0.333%	$3.0M	$293K	5x
Aster ENSUSDT	+0.0100%	8h	6.6594	−0.025%	$9K	$104K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6649	+0.058%	$5.1M	$13.4M	75x	as long as short
Bybit ENSUSDTlong	+0.0100%	8h	6.6610	long leg	$5.4M	$3.3M	75x
Gate ENS_USDT	+0.0100%	8h	6.6610	0.000%	$464K	$570K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6630	+0.030%	$6.9M	$1.0M	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6630	+0.030%	$1.8M	$118K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ENSUSDT	+0.0100%	8h	6.6620	+0.015%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6640	+0.045%	—	$7.5M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6617	+0.011%	$109K	$13K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6600	−0.015%	$24K	$608K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6604	−0.009%	$2K	$250K	10x	as long as short