Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.177%

Price spread now: Variational Omni against Lighter−0.045%7-day average −0.103% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.426%−$43 on $10k

Price spread, last 7 days−0.045%−$4 · spread now −0.045%, 7d avg −0.103%

Together, before fees−0.471%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$47 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 0.058% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.103%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2096	0.0096	pay 0.0012% / 1h	45m 54s	$5.6M	$13.1M	10x
Short	Variational Omni ENA	0.2095	0.0100	get 0.0050% / 4h	2h 45m	$3.6M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.045%Rate

Funding earned: $0.84
Price spread: −0.045% → −0.103%: $5.8
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $6.64
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 8 min ago; Variational Omni: RFQ quote, 3 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 Lighter live order book, 8 min ago	1.19 bp	2.4 bp −$2	13.9 bp −$139	323.7 bp −$32.4K	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.77 bp	doesn't fit	14.3 bp −$143	57.2 bp −$5,720	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	−0.0405%	1h	0.2094	−0.086%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0092%	4h	0.2094	−0.076%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2095	−0.029%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0036%	4h	0.2092	−0.172%	$10.3M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.019%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.008%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.322%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.019%	$5K	$394K	10x	as long as short
ApeX Omni ENAUSDT	+0.0086%	1h	0.2097	+0.062%	$32K	$711K	50x	as long as short
Lighter ENAlong	+0.0096%	1h	0.2096	long leg	$5.6M	$13.1M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2094	−0.081%	$59K	$542K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	−0.085%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.079%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.107%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2095	−0.026%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.139%	$129.2M	$470.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.186%	$87.6M	$194.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.157%	$20.1M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.010%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2095	−0.033%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.205%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.119%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.095%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.219%	$47.4M	$66.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2093	−0.148%	—	$32.0M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2095	−0.045%	$3.6M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2097	+0.065%	$251K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	+0.062%	$357K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2097	+0.043%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.438%	$684	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.129%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.172%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.177%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2093	−0.140%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.049%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2095	−0.032%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2095	−0.016%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0238%	1h	0.2096	+0.024%	$111.3M	$80.8M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.052%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	−0.055%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.243%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.8497%	1h	0.2095	−0.017%	$138K	$12K	5x	as long as short