Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.003%

Price spread now: Variational Omni against GMX+0.085%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.085% dearer against GMX than usual: you sell high and buy low (spread +0.085% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2117	L +0.0250% / S −0.0434%	pay 0.0031% / 1h	29m 03s	$38K	—	100x
Short	Variational Omni ENA	0.2119	0.0100	get 0.0050% / 4h	29m 03s	$3.9M	$10.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.085%Rate

Funding earned: −$31.5
Price spread: +0.085% → 0.000%: $8.48
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.01
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	4.71 bp	doesn't fit	9.4 bp −$94	51.8 bp −$5,179	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0013%	4h	0.2119	+0.075%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2118	+0.011%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0027%	1h	0.2122	+0.231%	$375K	$445K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2120	+0.127%	$92K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.288%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.062%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.024%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.172%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.051%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.226%	$131.3M	$452.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	+0.198%	$89.1M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.240%	$20.5M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.076%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	+0.033%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.038%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	+0.155%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.264%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.151%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	+0.193%	$48.1M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	+0.174%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2119	+0.085%	$3.9M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.251%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.126%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.316%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	0.000%	$178K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.404%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.127%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.085%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.127%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.060%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.086%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	+0.033%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2118	+0.014%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2122	+0.231%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2121	+0.194%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0250% / S −0.0434%	1h	0.2117	long leg	$38K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.018%	$5.6M	$6.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.022%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2123	+0.273%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.680%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0783%	1h	0.2124	+0.330%	$114.1M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1727%	1h	0.2115	−0.112%	$140K	$15K	5x	as long as short