Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h +0.037%

Price spread now: Variational Omni against Deribit−0.254%7-day average −0.050% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.135%−$13 · spread now −0.254%, 7d avg −0.050%

Together, before fees−0.178%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.204% cheaper against Deribit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ENA_USDC-PERPETUAL	0.2118	0.0175	pay 0.0022% / 1h	53m 33s	$79K	$1.6M	50x
Short	Variational Omni ENA	0.2113	0.0100	get 0.0050% / 4h	2h 53m	$3.8M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.254%Rate

Funding earned: −$15.78
Price spread: −0.254% → −0.050%: −$20.42
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.2
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, just now; Variational Omni: RFQ quote, 1 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 Deribit live order book, just now	3.31 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.73 bp	doesn't fit	18.9 bp −$189	61.5 bp −$6,147	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
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	−0.205%	$90K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2123	+0.246%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.260%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2116	−0.090%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0060%	1h	0.2118	−0.011%	$140K	$15K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0081%	1h	0.2119	+0.076%	$366K	$383K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.288%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.215%	$696K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	0.000%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	+0.060%	$416K	$548K	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	0.2123	+0.262%	$132.0M	$443.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2124	+0.312%	$87.2M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2125	+0.316%	$21.1M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.326%	$17K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2123	+0.241%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.446%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	+0.090%	$10.7M	$20.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.071%	$44.7M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.014%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	+0.038%	$48.0M	$61.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	+0.099%	—	$32.6M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2113	−0.254%	$3.8M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2124	+0.307%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.176%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	+0.146%	$33K	$689K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2114	−0.184%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.389%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.099%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	−0.014%	$273K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	+0.005%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	+0.009%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	−0.057%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2128	+0.458%	$7K	$351K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	+0.0175%	1h	0.2118	long leg	$79K	$1.6M	50x
Lighter ENA	+0.0240%	1h	0.2121	+0.127%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2113	−0.220%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2120	+0.122%	$2.7M	$5.0M	50x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2122	+0.178%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.316%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.197%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0497%	1h	0.2119	+0.071%	$114.1M	$74.2M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2115	−0.123%	$831K	$1.7M	50x	as long as short