Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.007%

Price spread now: BingX against Hyperliquid−0.226%7-day average −0.177% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$600.605% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.226%, 7d avg −0.177%

Together, before fees+0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.049% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.177%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENS	6.6360	0.0154	pay 0.0019% / 1h	49m 08s	$3.0M	$301K	5x
Short	BingX ENS-USDT	6.6210	0.0100	get 0.0100% / 8h	4h 49m	—	$7.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.226%Rate

Funding earned: −$11.4
Price spread: −0.226% → −0.177%: −$4.92
Slippage, 4 orders: −$41.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$76.8
Costs to cover: 0.605%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; BingX: live order book, 4 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 Hyperliquid live order book, 2 min ago	1.05 bp	14.5 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	4.51 bp	15.2 bp −$15	34.5 bp −$345	169.8 bp −$17.0K	395.3 bp −$197.7K

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	−0.0856%	1h	6.6211	−0.225%	$89K	$410K	20x	as long as short
Gate ENS_USDT	+0.0018%	8h	6.6210	−0.226%	$451K	$563K	75x	as long as short
OKX ENS-USDT-SWAP	+0.0099%	8h	6.6210	−0.226%	$2.3M	$3.3M	20x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6299	−0.092%	$10K	$102K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6263	−0.146%	$5.2M	$13.4M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6150	−0.316%	$5.3M	$3.6M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6210	−0.226%	$5.4M	$679K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6300	−0.090%	$1.8M	$132K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6250	−0.166%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDTshort	+0.0100%	8h	6.6210	−0.226%	—	$7.8M	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ENS	+0.0100%	8h	6.6348	−0.017%	$106K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6470	+0.166%	$25K	$597K	50x	as long as short
BloFin ENS-USDT	+0.0100%	8h	6.6260	−0.151%	$300K	$72K	20x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6232	−0.192%	$1K	$118K	10x	as long as short
Hyperliquid ENSlong	+0.0154%	1h	6.6360	long leg	$3.0M	$301K	5x