Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0172%/8h= −18.9% APRpaid last 24h −0.093%

Price spread now: Variational Omni against Hyperliquid−0.215%7-day average −0.095% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.242%−$24 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.215%, 7d avg −0.095%

Together, before fees−0.093%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.120% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2099	0.0272	pay 0.0034% / 1h	34m 03s	$114.1M	$74.0M	10x
Short	Variational Omni ENA	0.2095	0.0100	get 0.0050% / 4h	3h 34m	$3.0M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.215%Rate

Funding earned: −$36.2
Price spread: −0.215% → −0.095%: −$12
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$57.2
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; 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 Hyperliquid live order book, 10 min ago	0.71 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.78 bp	doesn't fit	19.1 bp −$191	doesn't fit	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	−0.0146%	1h	0.2098	−0.052%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0094%	4h	0.2097	−0.095%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.033%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.035%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.158%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2098	−0.033%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2097	−0.100%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.027%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.002%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.022%	$1.4M	$3.2M	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	0.2101	+0.073%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	−0.062%	$127.3M	$414.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2097	−0.081%	$84.9M	$174.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	−0.048%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	−0.033%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2098	−0.052%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	+0.010%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	−0.095%	$11.1M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2097	−0.091%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2098	−0.052%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2096	−0.138%	$47.6M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2097	−0.095%	—	$31.7M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2095	−0.215%	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.001%	$241K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.247%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.138%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	+0.014%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.444%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.052%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2102	+0.133%	$272K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.100%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2097	−0.119%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.078%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2095	−0.172%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2099	−0.013%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2099	−0.005%	$5.2M	$13.2M	10x	as long as short
Hyperliquid ENAlong	+0.0272%	1h	0.2099	long leg	$114.1M	$74.0M	10x
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2099	−0.023%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.176%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.081%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	+0.195%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1012%	1h	0.2100	+0.025%	$139K	$15K	5x	as long as short