Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2034%/8h= −222.7% APRpaid last 24h −0.119%

Price spread now: Kraken Futures against Bybit+0.049%7-day average +0.143% · you sell dearer than you buy

Net, funding: paid 7d − costs+$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$910.911% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.873%+$187 on $10k

Price spread, last 3 days (all we have)−0.294%−$29 · spread now +0.049%, 7d avg +0.143%

Together, before fees+1.578%+$158 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Kraken Futures is 0.094% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.143%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.873%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENSUSDT	6.7900	−0.0097	get 0.0097% / 8h	2h 24m	$5.4M	$3.8M	75x
Short	Kraken Futures PF_ENSUSD	6.7933	−0.2131	pay 0.0266% / 1h	24m 55s	$92K	$436K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$427.1
Price spread: +0.049% → +0.143%: −$9.4
Slippage, 4 orders: −$70.08
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$527.57
Costs to cover: 0.911%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 63 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, 3 min ago	3.68 bp	18.5 bp −$19	45.0 bp −$450	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 63 min ago	6.64 bp	30.6 bp −$31	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_ENSUSDshort	−0.2131%	1h	6.7933	+0.049%	$92K	$436K	20x
Gate ENS_USDT	−0.0206%	8h	6.7910	+0.015%	$462K	$576K	75x	as long as short
Variational Omni ENS	−0.0143%	8h	6.7913	+0.019%	$111K	$6K	—	as long as short
Bybit ENSUSDTlong	−0.0097%	8h	6.7900	long leg	$5.4M	$3.8M	75x
OKX ENS-USDT-SWAP	−0.0035%	8h	6.7910	+0.015%	$2.4M	$3.5M	20x	as long as short
Aster ENSUSDT	−0.0011%	8h	6.7981	+0.120%	$8K	$89K	10x	as long as short
Bitget ENSUSDT	−0.0007%	8h	6.7990	+0.133%	$2.9M	$1.3M	75x	as long as short
BloFin ENS-USDT	+0.0034%	8h	6.7960	+0.088%	$311K	$73K	20x	as long as short
BingX ENS-USDT	+0.0048%	8h	6.7970	+0.103%	—	$3.7M	—	as long as short
MEXC ENS_USDT	+0.0053%	8h	6.7980	+0.118%	$5.5M	$827K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended ENS-USD	+0.0056%	1h	6.7972	+0.106%	$1K	$181K	10x	as long as short
Binance ENSUSDT	+0.0057%	8h	6.7982	+0.120%	$5.3M	$13.8M	75x	as long as short
Hyperliquid ENS	+0.0100%	1h	6.8105	+0.302%	$3.1M	$415K	5x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.7980	+0.118%	$1.8M	$140K	50x	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7860	−0.059%	$24K	$610K	50x	as long as short