Funding arb · Price arb /

ENS

all ENS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1131%/8h= +123.9% APRpaid last 24h +0.319%

Price spread now: BingX against Kraken Futures+0.025%53s7-day average −0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$254as 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−$1000.999% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.542%−$154 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.025%, 7d avg −0.084%

Together, before fees−1.618%−$162 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and BingX is 0.109% dearer against Kraken Futures than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.084%. Mind the row above: over the last 7 days funding on this pair cost −1.542%, so the current rate has only just turned in your favour. The two prices were read 53 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	6.6343	−0.1031	get 0.0129% / 1h	13m 27s	$90K	$349K	20x
Short	BingX ENS-USDT	6.6360	0.0100	get 0.0100% / 8h	13m 27s	—	$7.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.025%Rate

Funding earned: $237.56
Price spread: +0.025% → −0.084%: $10.88
Slippage, 4 orders: −$79.85
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $148.59
Costs to cover: 0.999%
Break-even: 2.6 days

Slippage from Kraken Futures: live order book, 24 min ago; BingX: live order book, 4 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, 24 min ago	21.12 bp	26.1 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	5.28 bp	18.6 bp −$19	33.8 bp −$338	149.7 bp −$15.0K	475.1 bp −$237.6K

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	−0.1031%	1h	6.6343	long leg	$90K	$349K	20x
OKX ENS-USDT-SWAP	−0.0013%	8h	6.6330	−0.020%	$2.3M	$3.3M	20x	as long as short
Gate ENS_USDT	+0.0064%	8h	6.6330	−0.020%	$463K	$571K	75x	as long as short
Aster ENSUSDT	+0.0100%	8h	6.6435	+0.139%	$8K	$104K	10x	as long as short
Binance ENSUSDT	+0.0100%	8h	6.6392	+0.073%	$5.1M	$13.3M	75x	as long as short
Bybit ENSUSDT	+0.0100%	8h	6.6330	−0.020%	$5.4M	$3.2M	75x	as long as short
MEXC ENS_USDT	+0.0100%	8h	6.6390	+0.070%	$6.9M	$1.0M	75x	as long as short
KuCoin ENSUSDTM	+0.0100%	8h	6.6400	+0.085%	$1.8M	$118K	50x	as long as short
Bitget ENSUSDT	+0.0100%	8h	6.6340	−0.005%	$2.9M	$1.2M	75x	as long as short
BingX ENS-USDTshort	+0.0100%	8h	6.6360	+0.025%	—	$7.5M	—

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	−0.134%	$106K	$15K	—	as long as short
ApeX Omni ENSUSDT	+0.0100%	1h	6.6340	−0.005%	$24K	$605K	50x	as long as short
Extended ENS-USD	+0.0104%	1h	6.6390	+0.070%	$3K	$255K	10x	as long as short
BloFin ENS-USDT	+0.0112%	8h	6.6350	+0.010%	$293K	$76K	20x	as long as short
Hyperliquid ENS	+0.0139%	1h	6.6520	+0.266%	$3.0M	$293K	5x	as long as short