Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.040%

Price spread now: Variational Omni against Backpack−0.450%7-day average −0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.498%+$50 · spread now −0.450%, 7d avg −0.026%

Together, before fees+0.414%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.424% cheaper against Backpack than usual: you would sell low and buy high (spread −0.450% now, against its 7-day average of −0.026%). If the spread goes back, that is −$42 on $10k: about 10 days of funding at the current rate (+$4 a day). Mind the row above: over the last 3 days funding on this pair cost −0.083%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2098	−0.0037	get 0.0005% / 1h	41m 55s	$362K	$481K	5x
Short	Variational Omni ENA	0.2089	0.0100	get 0.0050% / 4h	1h 41m	$3.8M	$10.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.450%Rate

Funding earned: $28.8
Price spread: −0.450% → −0.026%: −$42.43
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$23.63
Costs to cover: 0.100%
Break-even: 12.7 days

Slippage unknown: Backpack: live order book, 42 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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 Backpack live order book, 42 min ago	0.24 bp	10.1 bp −$10	47.0 bp −$470	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.77 bp	doesn't fit	14.3 bp −$143	57.2 bp −$5,722	doesn't fit

ENA on 42 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
Orderly PERP_ENA_USDC	−0.0069%	4h	0.2098	−0.014%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERPlong	−0.0037%	1h	0.2098	long leg	$362K	$481K	5x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2099	+0.029%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.060%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.191%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	+0.013%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2101	+0.114%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	+0.029%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	+0.034%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	+0.041%	$660K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.076%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.048%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.021%	$129.2M	$460.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	−0.095%	$87.2M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.019%	$20.3M	$112.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.462%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.076%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.397%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.043%	$10.5M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	−0.024%	$45.0M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.019%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.105%	$47.5M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	−0.029%	—	$32.9M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2089	−0.450%	$3.8M	$10.4M	—
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.224%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.156%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.114%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.076%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.383%	$895	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.067%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.129%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.114%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2098	−0.011%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	−0.048%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0225% / S −0.0374%	1h	0.2099	+0.042%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2097	−0.087%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	+0.014%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	+0.021%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2100	+0.091%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0566%	1h	0.2101	+0.110%	$110.9M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2102	+0.157%	$803K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1892%	1h	0.2098	−0.040%	$139K	$15K	5x	as long as short