Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1126%/8h= +123.3% APRpaid last 24h +0.289%

Price spread now: BingX against Kraken Futures−0.108%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$870.869% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.604%−$160 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.108%, 7d avg −0.084%

Together, before fees−1.500%−$150 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.024% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.084%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$34 a day). Mind the row above: over the last 7 days funding on this pair cost −1.604%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENSUSD	6.6232	−0.1026	get 0.0128% / 1h	18m 01s	$90K	$379K	20x
Short	BingX ENS-USDT	6.6160	0.0100	get 0.0100% / 8h	2h 18m	—	$7.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.108%Rate

Funding earned: $236.52
Price spread: −0.108% → −0.084%: −$2.36
Slippage, 4 orders: −$66.87
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $147.28
Costs to cover: 0.869%
Break-even: 2.6 days

Slippage from Kraken Futures: live order book, 30 min ago; BingX: live order book, 5 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 Kraken Futures live order book, 30 min ago	14.38 bp	24.6 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	3.05 bp	14.7 bp −$15	42.3 bp −$423	140.5 bp −$14.1K	470.9 bp −$235.5K

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_ENSUSDlong	−0.1026%	1h	6.6232	long leg	$90K	$379K	20x
Gate ENS_USDT	+0.0060%	8h	6.6140	−0.138%	$459K	$572K	75x	as long as short
OKX ENS-USDT-SWAP	+0.0077%	8h	6.6160	−0.108%	$2.3M	$3.4M	20x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6180	−0.078%	$9K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6200	−0.048%	$5.1M	$13.6M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6150	−0.123%	$5.4M	$3.4M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6240	+0.013%	$6.1M	$870K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6150	−0.123%	$1.7M	$120K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6140	−0.138%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDTshort	+0.0100%	8h	6.6160	−0.108%	—	$7.7M	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ENS	+0.0100%	8h	6.5898	−0.503%	$105K	$9K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.5590	−0.969%	$24K	$605K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6215	−0.026%	$637	$258K	10x	as long as short
BloFin ENS-USDT	+0.0129%	8h	6.6110	−0.184%	$291K	$79K	20x	as long as short
Hyperliquid ENS	+0.0174%	1h	6.6353	+0.183%	$3.0M	$295K	5x	as long as short