Funding arb · Price arb /

ENA

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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 +0.008%

Price spread now: Variational Omni against Phemex+0.189%7-day average −0.046% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−1.062%−$106 · spread now +0.189%, 7d avg −0.046%

Together, before fees−1.057%+ Points / potential airdropVariational Omni: Active · farm board−$106 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 0.235% dearer against Phemex than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2091	0.0100	pay 0.0050% / 4h	2h 35m	$1.8M	$9.3M	50x
Short	Variational Omni ENA	0.2095	0.0100	get 0.0050% / 4h	2h 35m	$3.6M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.189%Rate

Funding earned: $0
Price spread: +0.189% → −0.046%: $23.5
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.5
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 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 Phemex live order book, 3 min ago	4.79 bp	20.4 bp −$20	69.3 bp −$693	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.77 bp	doesn't fit	19.1 bp −$191	62.1 bp −$6,205	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	−0.0352%	1h	0.2092	+0.038%	$360K	$485K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0083%	4h	0.2091	0.000%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2094	+0.134%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0006%	4h	0.2093	+0.105%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2092	+0.038%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	+0.039%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.549%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2095	+0.196%	$5K	$394K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	+0.096%	$59K	$541K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2094	+0.127%	$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	0.2093	+0.079%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.150%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2094	+0.155%	$402K	$585K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.153%	$129.2M	$467.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	+0.148%	$87.6M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.191%	$20.2M	$114.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2091	−0.024%	$19K	$433K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	+0.143%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2094	+0.143%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.163%	$44.7M	$48.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	+0.158%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	+0.091%	$47.4M	$66.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2094	+0.134%	—	$32.0M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2095	+0.189%	$3.6M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2091	−0.004%	$248K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.111%	$359K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2093	+0.096%	$32K	$713K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.239%	$181K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2041	−2.382%	$1K	$806K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	0.000%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	+0.134%	$272K	$1.6M	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2091	long leg	$1.8M	$9.3M	50x
Extended ENA-USD	+0.0104%	1h	0.2093	+0.099%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	+0.039%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2093	+0.083%	$2.7M	$5.8M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0212% / S −0.0160%	1h	0.2092	+0.056%	$50K	—	100x	as long as short
Lighter ENA	+0.0264%	1h	0.2097	+0.273%	$5.7M	$13.1M	10x	as long as short
Hyperliquid ENA	+0.0300%	1h	0.2095	+0.210%	$110.6M	$80.7M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	+0.110%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	+0.157%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.469%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9219%	1h	0.2094	+0.139%	$138K	$12K	5x	as long as short