Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.011%

Price spread now: Variational Omni against Extended+0.425%7-day average +0.021% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 7 days−0.446%−$45 · spread now +0.425%, 7d avg +0.021%

Together, before fees−0.484%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.404% dearer against Extended than usual: you sell high and buy low (spread +0.425% now, against its 7-day average of +0.021%): +$40 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 3 days (−0.038% in total) that is about 36 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ENA-USD	0.2105	0.0192	pay 0.0024% / 1h	8m 29s	$1.6M	$4.1M	50x
Short	Variational Omni ENA	0.2114	0.0100	get 0.0050% / 4h	2h 08m	$3.8M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.425%Rate

Funding earned: −$19.32
Price spread: +0.425% → +0.021%: $40.44
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $16.12
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 5 min ago; 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 Extended live order book, 5 min ago	0.23 bp	6.0 bp −$6	13.6 bp −$136	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	7.13 bp	doesn't fit	16.6 bp −$166	64.2 bp −$6,418	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	+0.046%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2104	−0.027%	$86K	—	150x	as long as short
dYdX ENA-USD	+0.0012%	1h	0.2107	+0.083%	$139K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.882%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0035%	4h	0.2106	+0.060%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2106	+0.065%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	+0.056%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	+0.265%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	+0.032%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2106	+0.057%	$411K	$530K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2107	+0.082%	$129.9M	$439.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2109	+0.203%	$86.3M	$182.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.279%	$20.7M	$104.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	+0.364%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.056%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	+1.008%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	+0.018%	$11.0M	$21.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	+0.018%	$44.5M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2106	+0.070%	$24.4M	$16.2M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.236%	$48.0M	$59.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	+0.013%	—	$32.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2107	+0.108%	$379K	$377K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2114	+0.425%	$3.8M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.581%	$247K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+0.531%	$358K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	+0.531%	$32K	$654K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.231%	$182K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.234%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	+0.056%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.279%	$275K	$822K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.008%	$1.9M	$9.1M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.013%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	−0.056%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.607%	$7K	$351K	10x	as long as short
Extended ENA-USDlong	+0.0192%	1h	0.2105	long leg	$1.6M	$4.1M	50x
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2104	−0.023%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2107	+0.106%	$2.6M	$4.4M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2108	+0.146%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	+0.266%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0480%	1h	0.2107	+0.122%	$113.3M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2108	+0.151%	$827K	$1.6M	50x	as long as short