Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1391%/8h= −152.3% APRpaid last 24h −0.191%

Price spread now: Kraken Futures against OKX−0.137%45s7-day average +0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs+$77as 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−$1031.026% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.800%+$180 on $10k

Price spread, last 3 days (all we have)+0.154%+$15 · spread now −0.137%, 7d avg +0.111%

Together, before fees+1.955%+$195 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$42 a day on $10k at the current rate, and Kraken Futures is 0.248% cheaper against OKX than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.111%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.800%, so the current rate has only just turned against you. 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	OKX ENS-USDT-SWAP	6.7660	−0.0001	get 0.0001% / 8h	7h 37m	$2.4M	$3.4M	20x
Short	Kraken Futures PF_ENSUSD	6.7567	−0.1392	pay 0.0174% / 1h	37m 32s	$91K	$445K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$292.06
Price spread: −0.137% → +0.111%: −$24.8
Slippage, 4 orders: −$82.63
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$419.48
Costs to cover: 1.026%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 35 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, 5 min ago	2.96 bp	18.6 bp −$19	71.5 bp −$715	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	16.32 bp	29.1 bp −$29	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	−0.1392%	1h	6.7567	−0.137%	$91K	$445K	20x
Variational Omni ENS	−0.0014%	8h	6.7480	−0.267%	$111K	$5K	—	as long as short
OKX ENS-USDT-SWAPlong	−0.0001%	8h	6.7660	long leg	$2.4M	$3.4M	20x
Bitget ENSUSDT	+0.0045%	8h	6.7660	0.000%	$2.9M	$1.3M	75x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.7606	−0.080%	$15K	$103K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.7708	+0.072%	$5.4M	$13.8M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.7600	−0.089%	$5.4M	$3.8M	75x	as long as short
Gate ENS_USDT	+0.0100%	8h	6.7520	−0.207%	$456K	$570K	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.7710	+0.074%	$5.5M	$862K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.7680	+0.030%	$1.8M	$130K	50x	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	+0.0100%	8h	6.7650	−0.015%	—	$8.1M	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.7580	−0.118%	$25K	$606K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.7691	+0.046%	$2K	$150K	10x	as long as short
BloFin ENS-USDT	+0.0119%	8h	6.7550	−0.163%	$312K	$74K	20x	as long as short
Hyperliquid ENS	+0.0366%	1h	6.7818	+0.234%	$3.1M	$367K	5x	as long as short