Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against Variational Omni+0.616%7-day average +0.028% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.082%+$8 on $10k

Price spread, last 4 days (all we have)−1.129%−$113 · spread now +0.616%, 7d avg +0.028%

Together, before fees−1.047%+ Points / potential airdropVariational Omni: Active · farm board−$105 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: Backpack is 0.588% dearer against Variational Omni than usual: you sell high and buy low, +$59 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2118	0.0100	pay 0.0050% / 4h	1h 18m	$3.4M	$9.9M	—
Short	Backpack ENA_USDC_PERP	0.2131	0.0100	get 0.0013% / 1h	18m 37s	$378K	$364K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.616%Rate

Funding earned: $0
Price spread: +0.616% → +0.028%: $58.8
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $48.8
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Backpack: live order book, 45 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 Variational Omni RFQ quote, 1 min ago	4.70 bp	doesn't fit	18.8 bp −$188	doesn't fit	doesn't fit
Sell Backpack live order book, 45 min ago	0.23 bp	10.7 bp −$11	48.0 bp −$480	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
Orderly PERP_ENA_USDC	−0.0021%	4h	0.2127	+0.413%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	+0.451%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2128	+0.458%	$83K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2129	+0.521%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.257%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2128	+0.474%	$55K	$497K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.401%	$667K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2129	+0.531%	$114.6M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.512%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	+0.476%	$416K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2129	+0.500%	$130.4M	$418.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2127	+0.451%	$87.1M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.460%	$20.9M	$103.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.007%	$19K	$365K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2128	+0.474%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.535%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.446%	$11.1M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.441%	$46.0M	$42.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.540%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	+0.366%	$48.4M	$57.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	+0.441%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERPshort	+0.0100%	1h	0.2131	+0.616%	$378K	$364K	5x
Variational Omni ENAlong	+0.0100%	4h	0.2118	long leg	$3.4M	$9.9M	—
edgeX ENAUSDC	+0.0100%	4h	0.2121	+0.121%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2122	+0.191%	$357K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2121	+0.144%	$22K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.469%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.009%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	+0.427%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.776%	$279K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.427%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.456%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2126	+0.385%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.426%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2122	+0.181%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0254% / S −0.0213%	1h	0.2127	+0.424%	$51K	—	100x	as long as short
dYdX ENA-USD	+0.0276%	1h	0.2126	+0.395%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0283%	1h	0.2128	+0.471%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	+0.375%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0368%	1h	0.2130	+0.554%	$5.4M	$13.9M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	+0.416%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2122	+0.177%	$836K	$1.5M	50x	as long as short