Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1097%/8h= −120.1% APRpaid last 24h −0.290%

Price spread now: Kraken Futures against Gate+0.027%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs+$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1171.175% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.607%+$161 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now +0.027%, 7d avg +0.084%

Together, before fees+1.652%+$165 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Kraken Futures is 0.057% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.084%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.607%, 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	Gate ENS_USDT	6.6300	0.0065	pay 0.0065% / 8h	11m 49s	$463K	$571K	75x
Short	Kraken Futures PF_ENSUSD	6.6318	−0.1032	pay 0.0129% / 1h	11m 49s	$90K	$346K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$230.29
Price spread: +0.027% → +0.084%: −$5.74
Slippage, 4 orders: −$92.46
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$353.49
Costs to cover: 1.175%
Break-even: never at this rate

Slippage from Gate: live order book, 24 min ago; Kraken Futures: live order book, 26 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 Gate live order book, 24 min ago	7.56 bp	24.8 bp −$25	135.2 bp −$1,352	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 26 min ago	21.12 bp	37.4 bp −$37	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	−0.1032%	1h	6.6318	+0.027%	$90K	$346K	20x
OKX ENS-USDT-SWAP	−0.0011%	8h	6.6310	+0.015%	$2.3M	$3.3M	20x	as long as short
Gate ENS_USDTlong	+0.0065%	8h	6.6300	long leg	$463K	$571K	75x
Aster ENSUSDT	+0.0100%	8h	6.6389	+0.134%	$8K	$104K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6369	+0.104%	$5.1M	$13.3M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6320	+0.030%	$5.4M	$3.2M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6380	+0.121%	$6.9M	$1.0M	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6410	+0.166%	$1.8M	$118K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6330	+0.045%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6330	+0.045%	—	$7.5M	—	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	6.6255	−0.068%	$106K	$15K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6340	+0.060%	$24K	$605K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6361	+0.092%	$3K	$255K	10x	as long as short
BloFin ENS-USDT	+0.0116%	8h	6.6430	+0.196%	$294K	$76K	20x	as long as short
Hyperliquid ENS	+0.0148%	1h	6.6490	+0.287%	$3.0M	$293K	5x	as long as short