Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0195%/8h= +21.4% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against OKX+0.226%7-day average +0.164% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.226%, 7d avg +0.164%

Together, before fees+0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.062% dearer against OKX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.164%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.4% 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	OKX ENS-USDT-SWAP	6.7320	−0.0095	get 0.0095% / 8h	1h 30m	$2.4M	$3.4M	20x
Short	Hyperliquid ENS	6.7472	0.0100	get 0.0013% / 1h	30m 17s	$3.1M	$410K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.226%Rate

Funding earned: $40.96
Price spread: +0.226% → +0.164%: $6.17
Slippage, 4 orders: −$60.99
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.87
Costs to cover: 0.800%
Break-even: 12.6 days

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 1 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 OKX live order book, 2 min ago	2.97 bp	16.2 bp −$16	76.0 bp −$760	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.33 bp	18.5 bp −$18	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	−0.2258%	1h	6.7363	+0.063%	$91K	$435K	20x	as long as short
Gate ENS_USDT	−0.0243%	8h	6.7280	−0.059%	$457K	$565K	75x	as long as short
Variational Omni ENS	−0.0134%	8h	6.7297	−0.035%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAPlong	−0.0095%	8h	6.7320	long leg	$2.4M	$3.4M	20x
Bybit ENSUSDT	−0.0090%	8h	6.7280	−0.059%	$5.4M	$3.8M	75x	as long as short
Bitget ENSUSDT	−0.0088%	8h	6.7320	0.000%	$2.9M	$1.3M	75x	as long as short
Aster ENSUSDT	−0.0014%	8h	6.7371	+0.076%	$8K	$89K	10x	as long as short
Binance ENSUSDT	+0.0054%	8h	6.7370	+0.074%	$5.3M	$13.5M	75x	as long as short
MEXC ENS_USDT	+0.0055%	8h	6.7390	+0.104%	$5.6M	$848K	75x	as long as short
Extended ENS-USD	+0.0056%	1h	6.7367	+0.070%	$1K	$181K	10x	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	+0.0058%	8h	6.7350	+0.045%	—	$3.7M	—	as long as short
BloFin ENS-USDT	+0.0062%	8h	6.7360	+0.059%	$308K	$72K	20x	as long as short
Hyperliquid ENSshort	+0.0100%	1h	6.7472	+0.226%	$3.1M	$410K	5x
KuCoin ENSUSDTM	+0.0100%	8h	6.7430	+0.163%	$1.8M	$135K	50x	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7610	+0.431%	$24K	$607K	50x	as long as short