Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0954%/8h= +104.5% APRpaid last 24h +0.247%

Price spread now: OKX against Kraken Futures+0.205%45s7-day average −0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$980.980% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.711%−$171 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now +0.205%, 7d avg −0.105%

Together, before fees−1.583%−$158 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and OKX is 0.310% dearer against Kraken Futures than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.105%. Mind the row above: over the last 7 days funding on this pair cost −1.711%, so the current rate has only just turned in your favour. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENSUSD	6.6314	−0.0854	get 0.0107% / 1h	41m 29s	$89K	$410K	20x
Short	OKX ENS-USDT-SWAP	6.6450	0.0100	get 0.0100% / 8h	4h 41m	$2.3M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.205%Rate

Funding earned: $200.4
Price spread: +0.205% → −0.105%: $30.98
Slippage, 4 orders: −$78.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $133.38
Costs to cover: 0.980%
Break-even: 2.3 days

Slippage from Kraken Futures: live order book, 16 min ago; OKX: 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 Kraken Futures live order book, 16 min ago	16.59 bp	28.3 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	3.01 bp	17.5 bp −$18	89.2 bp −$892	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	−0.0854%	1h	6.6314	long leg	$89K	$410K	20x
Gate ENS_USDT	−0.0007%	8h	6.6480	+0.250%	$453K	$563K	75x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6455	+0.213%	$10K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6456	+0.213%	$5.2M	$13.4M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6430	+0.175%	$5.3M	$3.6M	75x	as long as short
OKX ENS-USDT-SWAPshort	+0.0100%	8h	6.6450	+0.205%	$2.3M	$3.3M	20x
MEXC ENS_USDT	+0.0100%	8h	6.6440	+0.190%	$5.4M	$680K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6450	+0.205%	$1.8M	$133K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6420	+0.160%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6430	+0.175%	—	$7.8M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ENS	+0.0100%	8h	6.6303	−0.017%	$106K	$8K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6330	+0.024%	$25K	$597K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6435	+0.182%	$1K	$118K	10x	as long as short
BloFin ENS-USDT	+0.0122%	8h	6.6450	+0.205%	$300K	$73K	20x	as long as short
Hyperliquid ENS	+0.0223%	1h	6.6531	+0.327%	$3.0M	$302K	5x	as long as short