Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0771%/8h= −84.4% APRpaid last 24h −0.250%

Price spread now: Kraken Futures against OKX−0.116%7-day average +0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs+$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1121.118% 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+1.682%+$168 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.116%, 7d avg +0.102%

Together, before fees+1.716%+$172 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Kraken Futures is 0.218% cheaper against OKX than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.102%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.682%, 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	OKX ENS-USDT-SWAP	6.6910	0.0099	pay 0.0099% / 8h	3h 15m	$2.4M	$3.4M	20x
Short	Kraken Futures PF_ENSUSD	6.6832	−0.0672	pay 0.0084% / 1h	15m 52s	$90K	$389K	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 −0.116%Rate

Funding earned: −$161.87
Price spread: −0.116% → +0.102%: −$21.78
Slippage, 4 orders: −$91.8
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$295.45
Costs to cover: 1.118%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 37 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, 1 min ago	1.50 bp	16.4 bp −$16	82.7 bp −$827	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	28.25 bp	39.9 bp −$40	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	−0.0672%	1h	6.6832	−0.116%	$90K	$389K	20x
ApeX Omni ENSUSDT	+0.0002%	1h	6.6650	−0.389%	$25K	$600K	50x	as long as short
Gate ENS_USDT	+0.0082%	8h	6.6900	−0.015%	$458K	$562K	75x	as long as short
OKX ENS-USDT-SWAPlong	+0.0099%	8h	6.6910	long leg	$2.4M	$3.4M	20x
Hyperliquid ENS	+0.0100%	1h	6.7054	+0.215%	$3.1M	$293K	5x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6915	+0.008%	$10K	$103K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6980	+0.105%	$5.2M	$13.4M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6880	−0.045%	$5.4M	$3.4M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6900	−0.015%	$5.9M	$807K	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6920	+0.015%	$1.8M	$126K	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	6.6890	−0.030%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDT	+0.0100%	8h	6.6910	0.000%	—	$7.7M	—	as long as short
Variational Omni ENS	+0.0100%	8h	6.6843	−0.100%	$107K	$9K	—	as long as short
Extended ENS-USD	+0.0104%	1h	6.6917	+0.010%	$233	$165K	10x	as long as short
BloFin ENS-USDT	+0.0111%	8h	6.6750	−0.239%	$300K	$79K	20x	as long as short