Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1878%/8h= −205.6% APRpaid last 24h −0.689%

Price spread now: Variational Omni against dYdX−0.269%53s7-day average +0.024% · you buy dearer than you sell

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

Long on dYdX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.927%−$93 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now −0.269%, 7d avg +0.024%

Together, before fees−0.743%+ Points / potential airdropVariational Omni: Active · farm board−$74 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Variational Omni is 0.293% cheaper against dYdX than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.024%). Swap the legs. 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	dYdX ENA-USD	0.2097	0.1978	pay 0.0247% / 1h	11m 48s	$139K	$15K	5x
Short	Variational Omni ENA	0.2091	0.0100	get 0.0050% / 4h	1h 11m	$3.8M	$10.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now −0.269%Rate

Funding earned: −$394.38
Price spread: −0.269% → +0.024%: −$29.32
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$433.7
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 7 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 dYdX live order book, 7 min ago	76.39 bp	295.2 bp −$295	838.6 bp −$8,386	1395.7 bp −$139.6K	1715.3 bp −$857.6K
Sell Variational Omni RFQ quote, 2 min ago	4.77 bp	doesn't fit	19.1 bp −$191	52.5 bp −$5,248	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	−0.0044%	4h	0.2097	−0.011%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0026%	1h	0.2097	+0.008%	$370K	$448K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.013%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2098	+0.061%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.272%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2098	+0.066%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	+0.061%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2098	+0.070%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	+0.073%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2097	−0.003%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2099	+0.098%	$406K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2097	+0.035%	$129.4M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.001%	$87.1M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	+0.046%	$20.3M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.068%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2099	+0.108%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.097%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.023%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.065%	$46.6M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	+0.080%	$23.9M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.054%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2097	+0.032%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2091	−0.269%	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.195%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	−0.199%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	−0.225%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.113%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.329%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	+0.013%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.175%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.035%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.013%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	+0.032%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2099	+0.132%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0243% / S −0.0420%	1h	0.2097	+0.028%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2097	+0.009%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.063%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2098	+0.080%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2100	+0.137%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.161%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0585%	1h	0.2098	+0.080%	$110.8M	$78.9M	10x	as long as short
dYdX ENA-USDlong	+0.1978%	1h	0.2097	long leg	$139K	$15K	5x