Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Phoenix−0.163%7-day average −0.105% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.135%−$13 on $10k

Price spread, last 3 days (all we have)−0.204%−$20 · spread now −0.163%, 7d avg −0.105%

Together, before fees−0.339%+ Points / potential airdropVariational Omni: Active · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Variational Omni is 0.058% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2097	0.0115	pay 0.0014% / 1h	17m 21s	$5K	$356K	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 Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.163%Rate

Funding earned: −$3.18
Price spread: −0.163% → −0.105%: −$5.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.99
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 64 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 Phoenix live order book, 64 min ago	1.90 bp	16.9 bp −$17	59.7 bp −$597	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	−0.257%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0047%	1h	0.2094	−0.186%	$370K	$450K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	−0.162%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2092	−0.252%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.240%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	−0.127%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2093	−0.210%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.252%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.253%	$658K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.197%	$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	−0.186%	$405K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	−0.239%	$129.1M	$455.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2091	−0.300%	$87.0M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2092	−0.238%	$20.2M	$111.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	−0.129%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2094	−0.162%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	−0.129%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2092	−0.257%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2092	−0.248%	$46.4M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.186%	$23.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2090	−0.334%	$47.3M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2092	−0.272%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2094	−0.163%	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.086%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.095%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	−0.114%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	−0.234%	$177K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.594%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.210%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.281%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.257%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2092	−0.257%	$77K	$11K	3x	as long as short
Phoenix ENAlong	+0.0115%	1h	0.2097	long leg	$5K	$356K	10x
01 Exchange ENAUSD	+0.0136%	1h	0.2094	−0.148%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0240% / S −0.0412%	1h	0.2092	−0.263%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0328%	1h	0.2092	−0.277%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2096	−0.072%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2091	−0.294%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0488%	1h	0.2096	−0.062%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2098	+0.024%	$826K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0580%	1h	0.2095	−0.095%	$110.6M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1960%	1h	0.2093	−0.223%	$138K	$15K	5x	as long as short