Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Variational Omni against Bybit−0.317%7-day average +0.022% · you buy dearer than you sell

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.295%+$30 · spread now −0.317%, 7d avg +0.022%

Together, before fees+0.298%+ Points / potential airdropVariational Omni: Active · farm board+$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.339% cheaper against Bybit than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2125	0.0100	pay 0.0050% / 4h	1h 16m	$87.0M	$175.2M	50x
Short	Variational Omni ENA	0.2118	0.0100	get 0.0050% / 4h	1h 16m	$3.4M	$9.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.317%Rate

Funding earned: $0
Price spread: −0.317% → +0.022%: −$33.89
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$44.89
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.23 bp	10.9 bp −$11	17.5 bp −$175	59.7 bp −$5,973	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.70 bp	doesn't fit	14.1 bp −$141	doesn't fit	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	−0.0024%	4h	0.2126	+0.052%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	+0.056%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	+0.050%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2125	+0.038%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.061%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.014%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.002%	$667K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2128	+0.141%	$114.6M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.110%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2126	+0.064%	$415K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2125	+0.029%	$130.2M	$418.2M	75x	as long as short
Bybit ENAUSDTlong	+0.0100%	4h	0.2125	long leg	$87.0M	$175.2M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.019%	$20.9M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	−0.311%	$19K	$358K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	+0.108%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.851%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.085%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.085%	$46.0M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.136%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	−0.047%	$48.4M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2126	+0.056%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2127	+0.108%	$377K	$364K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2118	−0.317%	$3.4M	$9.9M	—
edgeX ENAUSDC	+0.0100%	4h	0.2125	+0.025%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.087%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	−0.174%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.042%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.382%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.014%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.202%	$278K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.014%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2127	+0.092%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2125	+0.030%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.055%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.202%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2126	+0.059%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0263%	1h	0.2126	+0.080%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2126	+0.080%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2125	+0.033%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0352%	1h	0.2127	+0.099%	$5.4M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2125	+0.010%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	−0.141%	$836K	$1.5M	50x	as long as short