Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Variational Omni against GRVT−0.068%7-day average −0.021% · you buy dearer than you sell

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

Long on GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.141%+$14 · spread now −0.068%, 7d avg −0.021%

Together, before fees+0.161%+ Points / potential airdropGRVT: Active · Variational Omni: Active · farm board+$16 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 0.047% cheaper against GRVT than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2095	0.0100	pay 0.0050% / 4h	1h 17m	$353K	$4.6M	10x
Short	Variational Omni ENA	0.2094	0.0100	get 0.0050% / 4h	1h 17m	$3.8M	$10.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. 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 GRVTbpFee Variational OmnibpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.021%: −$4.67
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.67
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: 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 GRVT live order book, 7 min ago	2.39 bp	14.6 bp −$15	74.9 bp −$749	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.78 bp	doesn't fit	14.3 bp −$143	52.6 bp −$5,256	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	−0.0049%	4h	0.2092	−0.163%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0047%	1h	0.2094	−0.091%	$370K	$450K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	−0.067%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.157%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.336%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	−0.032%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.115%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.157%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.158%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.102%	$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	0.2094	−0.091%	$405K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.144%	$129.1M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.206%	$87.0M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.144%	$20.2M	$111.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.034%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.067%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.034%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.163%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.153%	$46.4M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.091%	$23.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2090	−0.239%	$47.3M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2092	−0.177%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2094	−0.068%	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.009%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2095	long leg	$353K	$4.6M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.019%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.139%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.501%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.115%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.377%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.163%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.163%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	+0.095%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2094	−0.053%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0240% / S −0.0412%	1h	0.2092	−0.168%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2092	−0.182%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	+0.023%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.200%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2096	+0.033%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.119%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2095	0.000%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2093	−0.128%	$138K	$15K	5x	as long as short