Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: Bitget against Variational Omni−0.003%7-day average −0.045% · you buy dearer than you sell

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

Long on Variational Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.003%, 7d avg −0.045%

Together, before fees−0.028%+ Points / potential airdropVariational Omni: Active · farm board−$3 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: Bitget is 0.042% dearer against Variational Omni than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2093	0.0100	pay 0.0050% / 4h	24m 22s	$3.0M	$9.9M	—
Short	Bitget ENAUSDT	0.2093	0.0100	get 0.0050% / 4h	24m 22s	$47.5M	$59.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. 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 Variational OmnibpFee BitgetbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.045%: $4.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$7.75
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Bitget: live order book, 5 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, 5 min ago	4.78 bp	doesn't fit	14.3 bp −$143	52.6 bp −$5,258	doesn't fit
Sell Bitget live order book, 5 min ago	0.24 bp	12.4 bp −$12	18.9 bp −$189	46.8 bp −$4,683	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	−0.0092%	4h	0.2094	+0.054%	$43K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.088%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	+0.084%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2092	−0.027%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.469%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2094	+0.045%	$4.9M	$13.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.032%	$52K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2091	−0.056%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.048%	$559K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2095	+0.097%	$113.6M	$74.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2094	+0.052%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2092	−0.053%	$403K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	+0.052%	$127.5M	$425.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	+0.002%	$89.9M	$187.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2094	+0.083%	$20.9M	$106.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2096	+0.159%	$38K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	+0.016%	$77K	$283K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.107%	$91K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	+0.040%	$12.7M	$27.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.045%	$39.0M	$43.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2093	+0.026%	$24.7M	$15.8M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2093	−0.003%	$47.5M	$59.8M	75x
BingX ENA-USDT	+0.0100%	4h	0.2093	+0.021%	—	$31.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2094	+0.045%	$405K	$492K	5x	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2093	long leg	$3.0M	$9.9M	—
edgeX ENAUSDC	+0.0100%	4h	0.2103	+0.501%	$253K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.529%	$351K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.112%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2093	+0.035%	$180K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.364%	$971	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	+0.064%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2100	+0.346%	$264K	$814K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2092	−0.032%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2092	−0.013%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	+0.084%	$73K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0150%	1h	0.2095	+0.101%	$2.6M	$4.4M	50x	as long as short
Phoenix ENA	+0.0190%	1h	0.2096	+0.179%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2095	+0.103%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	+0.026%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.005%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2104	+0.561%	$870K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.1122%	1h	0.2093	−0.004%	$138K	$16K	5x	as long as short