Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1161%/8h= −127.2% APRpaid last 24h −0.282%

Price spread now: Kraken Futures against Bybit−0.039%7-day average +0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs+$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$960.962% 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+1.599%+$160 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.039%, 7d avg +0.128%

Together, before fees+1.664%+$166 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Kraken Futures is 0.167% cheaper against Bybit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.128%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.599%, 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	6.6550	0.0100	pay 0.0100% / 8h	1h 18m	$5.4M	$3.3M	75x
Short	Kraken Futures PF_ENSUSD	6.6524	−0.1061	pay 0.0133% / 1h	18m 12s	$90K	$367K	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 −0.039%Rate

Funding earned: −$243.86
Price spread: −0.039% → +0.128%: −$16.73
Slippage, 4 orders: −$75.23
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$356.82
Costs to cover: 0.962%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Kraken Futures: live order book, 25 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, 5 min ago	3.76 bp	17.4 bp −$17	46.6 bp −$466	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 25 min ago	16.56 bp	33.2 bp −$33	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	−0.1061%	1h	6.6524	−0.039%	$90K	$367K	20x
ApeX Omni ENSUSDT	−0.0249%	1h	6.6670	+0.180%	$24K	$607K	50x	as long as short
OKX ENS-USDT-SWAP	−0.0008%	8h	6.6570	+0.030%	$2.3M	$3.4M	20x	as long as short
Gate ENS_USDT	+0.0058%	8h	6.6580	+0.045%	$465K	$573K	75x	as long as short
Hyperliquid ENS	+0.0100%	1h	6.6699	+0.224%	$3.0M	$294K	5x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6689	+0.210%	$9K	$105K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6585	+0.053%	$5.1M	$13.6M	75x	as long as short
Bybit ENSUSDTlong	+0.0100%	8h	6.6550	long leg	$5.4M	$3.3M	75x
MEXC ENS_USDT	+0.0100%	8h	6.6590	+0.060%	$6.9M	$1.0M	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6680	+0.195%	$1.8M	$118K	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	6.6670	+0.180%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6640	+0.135%	—	$7.5M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6613	+0.095%	$109K	$13K	—	as long as short
Extended ENS-USD	+0.0104%	1h	6.6582	+0.048%	$572	$257K	10x	as long as short
BloFin ENS-USDT	+0.0106%	8h	6.6640	+0.135%	$293K	$80K	20x	as long as short