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 0.000%

Price spread now: Variational Omni against edgeX−0.229%7-day average +0.008% · you buy dearer than you sell

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.234%+$23 · spread now −0.229%, 7d avg +0.008%

Together, before fees+0.234%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board+$23 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 0.237% cheaper against edgeX than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ENAUSDC	0.2119	0.0100	pay 0.0050% / 4h	3h 41m	$247K	$7.5M	20x
Short	Variational Omni ENA	0.2114	0.0100	get 0.0050% / 4h	3h 41m	$3.8M	$10.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against edgeX. 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 edgeXbpFee Variational OmnibpOrdersPrice spread, now −0.229%Rate

Funding earned: $0
Price spread: −0.229% → +0.008%: −$23.75
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$32.75
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 2 min ago; Variational Omni: RFQ quote, 3 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 edgeX live order book, 2 min ago	7.08 bp	11.6 bp −$12	13.1 bp −$131	43.9 bp −$4,394	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.72 bp	doesn't fit	14.2 bp −$142	56.7 bp −$5,668	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
Backpack ENA_USDC_PERP	−0.0018%	1h	0.2121	+0.062%	$378K	$417K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.013%	$91K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2119	−0.013%	$97K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0022%	4h	0.2118	−0.046%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.194%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0042%	1h	0.2119	−0.016%	$140K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.108%	$62K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.101%	$669K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.007%	$411K	$555K	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	0.2117	−0.100%	$131.3M	$446.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	−0.160%	$89.0M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	−0.150%	$20.7M	$109.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	−0.112%	$15K	$399K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.060%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.296%	$89K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.103%	$10.8M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.056%	$46.4M	$44.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	+0.072%	$24.4M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	−0.126%	$48.0M	$62.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2118	−0.079%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2114	−0.229%	$3.8M	$10.1M	—
edgeX ENAUSDClong	+0.0100%	4h	0.2119	long leg	$247K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.059%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	−0.108%	$34K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.001%	$179K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.344%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	−0.013%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.194%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	−0.013%	$1.9M	$9.3M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	−0.103%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	−0.027%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2117	−0.108%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0208%	1h	0.2119	−0.027%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0236%	1h	0.2120	+0.056%	$2.7M	$5.1M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2119	−0.013%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0264%	1h	0.2117	−0.124%	$1.6M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2122	+0.142%	$5.6M	$3.8M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2118	−0.057%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0584%	1h	0.2120	+0.039%	$5.6M	$12.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2125	+0.256%	$839K	$1.9M	50x	as long as short
Hyperliquid ENA	+0.0664%	1h	0.2123	+0.166%	$114.4M	$76.4M	10x	as long as short