Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Bybit against Variational Omni−0.613%7-day average −0.022% · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.635%+$64 · spread now −0.613%, 7d avg −0.022%

Together, before fees+0.633%+ Points / potential airdropVariational Omni: Active · farm board+$63 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: Bybit is 0.592% cheaper against Variational Omni than usual: you would sell low and buy high, −$59 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2119	0.0100	pay 0.0050% / 4h	54m 17s	$3.3M	$10.0M	—
Short	Bybit ENAUSDT	0.2106	0.0100	get 0.0050% / 4h	54m 17s	$86.1M	$175.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.613%Rate

Funding earned: $0
Price spread: −0.613% → −0.022%: −$59.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$70.18
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Bybit: 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	7.11 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.24 bp	11.2 bp −$11	19.2 bp −$192	72.9 bp −$7,290	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	−0.0135%	1h	0.2107	−0.585%	$371K	$372K	5x	as long as short
01 Exchange ENAUSD	−0.0120%	1h	0.2107	−0.561%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0053%	4h	0.2105	−0.665%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.604%	$78K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.609%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.189%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0069%	1h	0.2108	−0.536%	$139K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.585%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.642%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.566%	$662K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2108	−0.547%	$112.5M	$72.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2107	−0.573%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2107	−0.584%	$411K	$499K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.613%	$128.9M	$415.1M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2106	−0.613%	$86.1M	$175.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.580%	$20.8M	$102.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	−0.260%	$19K	$324K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2107	−0.585%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	−0.585%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.651%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.642%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.580%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.703%	$47.8M	$57.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.618%	—	$32.3M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2119	long leg	$3.3M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2108	−0.542%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.444%	$354K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.396%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2107	−0.561%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.949%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.632%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	−0.547%	$272K	$798K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.585%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.636%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.632%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2109	−0.505%	$5.2M	$13.3M	10x	as long as short
Phoenix ENA	+0.0150%	1h	0.2110	−0.429%	$8K	$266K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0243%	1h	0.2108	−0.524%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2106	−0.611%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2109	−0.514%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.620%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2112	−0.359%	$860K	$1.5M	50x	as long as short