Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0384%/8h= −42.1% APRpaid last 24h −0.017%

Price spread now: Bybit against Hyperliquid−0.404%7-day average −0.215% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$770.769% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.186%+$19 · spread now −0.404%, 7d avg −0.215%

Together, before fees+0.153%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.189% cheaper against Hyperliquid than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.215%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.7% 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	Hyperliquid ENS	6.7904	0.0405	pay 0.0051% / 1h	4m 27s	$3.1M	$413K	5x
Short	Bybit ENSUSDT	6.7630	0.0020	get 0.0020% / 8h	4m 27s	$5.4M	$3.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.404%Rate

Funding earned: −$80.74
Price spread: −0.404% → −0.215%: −$18.87
Slippage, 4 orders: −$56.95
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$176.56
Costs to cover: 0.769%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 3 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, 7 min ago	0.89 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	4.45 bp	18.5 bp −$18	57.4 bp −$574	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	−0.1944%	1h	6.7524	−0.559%	$92K	$447K	20x	as long as short
Gate ENS_USDT	−0.0191%	8h	6.7600	−0.448%	$458K	$587K	75x	as long as short
Variational Omni ENS	−0.0053%	8h	6.7401	−0.741%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAP	−0.0051%	8h	6.7650	−0.374%	$2.4M	$3.5M	20x	as long as short
Bitget ENSUSDT	+0.0003%	8h	6.7700	−0.300%	$2.9M	$1.3M	75x	as long as short
Bybit ENSUSDTshort	+0.0020%	8h	6.7630	−0.404%	$5.4M	$3.8M	75x
Aster ENSUSDT	+0.0079%	8h	6.7664	−0.353%	$15K	$103K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.7730	−0.256%	$5.4M	$14.0M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.7730	−0.256%	$5.5M	$871K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.7650	−0.374%	$1.8M	$136K	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	6.7590	−0.462%	—	$8.1M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7510	−0.580%	$25K	$607K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.7716	−0.276%	$1K	$181K	10x	as long as short
BloFin ENS-USDT	+0.0109%	8h	6.7590	−0.462%	$311K	$74K	20x	as long as short
Hyperliquid ENSlong	+0.0405%	1h	6.7904	long leg	$3.1M	$413K	5x