Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.055%

Price spread now: Variational Omni against Kraken Futures−0.041%7-day average −0.080% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.162%−$16 on $10k

Price spread, last 3 days (all we have)−0.904%−$90 · spread now −0.041%, 7d avg −0.080%

Together, before fees−1.066%+ Points / potential airdropVariational Omni: Active · farm board−$107 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 0.038% dearer against Kraken Futures than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2100	0.0104	pay 0.0013% / 1h	30m 13s	$2.6M	$5.8M	50x
Short	Variational Omni ENA	0.2099	0.0100	get 0.0050% / 4h	2h 30m	$3.6M	$10.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.041%Rate

Funding earned: −$0.82
Price spread: −0.041% → −0.080%: $3.85
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$6.97
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 Kraken Futures live order book, 4 min ago	3.57 bp	14.3 bp −$14	24.7 bp −$247	754.9 bp −$75.5K	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.78 bp	doesn't fit	19.1 bp −$191	66.9 bp −$6,686	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	−0.0300%	1h	0.2100	+0.023%	$361K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2100	+0.018%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2099	−0.025%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2101	+0.047%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2100	+0.003%	$96K	—	150x	as long as short
Gate ENA_USDT	+0.0008%	4h	0.2099	−0.039%	$10.4M	$21.6M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.128%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	−0.201%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.034%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.041%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2099	−0.049%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	+0.067%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	−0.015%	$403K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	+0.028%	$129.5M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2100	−0.006%	$87.7M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.004%	$20.3M	$114.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	+0.018%	$19K	$435K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.013%	$82K	$223K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.008%	$45.2M	$48.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2100	+0.023%	$24.3M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.058%	$47.5M	$66.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2099	−0.020%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2099	−0.041%	$3.6M	$10.1M	—
edgeX ENAUSDC	+0.0100%	4h	0.2097	−0.117%	$249K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2094	−0.293%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	−0.130%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2100	+0.032%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.435%	$1K	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.013%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.156%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	+0.013%	$1.9M	$9.3M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.033%	$89K	$2K	10x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0104%	1h	0.2100	long leg	$2.6M	$5.8M	50x
Extended ENA-USD	+0.0104%	1h	0.2099	−0.030%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2101	+0.054%	$77K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0213% / S −0.0161%	1h	0.2100	+0.014%	$50K	—	100x	as long as short
Lighter ENA	+0.0288%	1h	0.2103	+0.151%	$5.7M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0309%	1h	0.2102	+0.118%	$110.9M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.061%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.031%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.413%	$805K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8118%	1h	0.2100	+0.003%	$139K	$15K	5x	as long as short