Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0917%/8h= +100.5% APRpaid last 24h +0.208%

Price spread now: Bybit against Kraken Futures+0.119%7-day average −0.143% · you sell dearer than you buy

Net, funding: paid 7d − costs−$282as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$1081.080% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.740%−$174 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.119%, 7d avg −0.143%

Together, before fees−1.886%−$189 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Bybit is 0.263% dearer against Kraken Futures than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.143%. Mind the row above: over the last 7 days funding on this pair cost −1.740%, 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	6.6461	−0.0817	get 0.0102% / 1h	50m 27s	$87K	$447K	20x
Short	Bybit ENSUSDT	6.6540	0.0100	get 0.0100% / 8h	6h 50m	$5.4M	$3.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.119%Rate

Funding earned: $192.67
Price spread: +0.119% → −0.143%: $26.27
Slippage, 4 orders: −$86.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $110.98
Costs to cover: 1.080%
Break-even: 3.0 days

Slippage from Kraken Futures: live order book, 17 min ago; Bybit: live order book, 2 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, 17 min ago	23.63 bp	33.0 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.01 bp	19.8 bp −$20	64.5 bp −$645	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_ENSUSDlong	−0.0817%	1h	6.6461	long leg	$87K	$447K	20x
OKX ENS-USDT-SWAP	+0.0064%	8h	6.6540	+0.119%	$2.3M	$3.4M	20x	as long as short
Variational Omni ENS	+0.0070%	8h	6.6365	−0.144%	$106K	$8K	—	as long as short
BloFin ENS-USDT	+0.0077%	8h	6.6520	+0.089%	$302K	$77K	20x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6531	+0.106%	$13K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6630	+0.255%	$5.1M	$14.2M	75x	as long as short
Bybit ENSUSDTshort	+0.0100%	8h	6.6540	+0.119%	$5.4M	$3.8M	75x
Gate ENS_USDT	+0.0100%	8h	6.6490	+0.044%	$459K	$565K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6590	+0.195%	$5.4M	$775K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6530	+0.104%	$1.8M	$144K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ENSUSDT	+0.0100%	8h	6.6600	+0.210%	$3.0M	$1.3M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6590	+0.195%	—	$7.8M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6390	−0.106%	$25K	$603K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6635	+0.261%	$194	$111K	10x	as long as short
Hyperliquid ENS	+0.0245%	1h	6.6653	+0.289%	$3.0M	$355K	5x	as long as short