Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.033%

Price spread now: Deribit against Variational Omni+0.536%7-day average +0.050% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.148%−$15 · spread now +0.536%, 7d avg +0.050%

Together, before fees−0.104%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.487% dearer against Variational Omni than usual: you sell high and buy low (spread +0.536% now, against its 7-day average of +0.050%): +$49 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2144	0.0100	pay 0.0050% / 4h	3h 18m	$3.9M	$10.1M	—
Short	Deribit ENA_USDC-PERPETUAL	0.2156	0	get 0.0000% / 1h	18m 39s	$80K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.536%Rate

Funding earned: −$21
Price spread: +0.536% → +0.050%: $48.67
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $20.67
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Deribit: live order book, just now. 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	4.64 bp	doesn't fit	18.6 bp −$186	69.7 bp −$6,967	doesn't fit
Sell Deribit live order book, just now	4.42 bp	10.2 bp −$10	doesn't fit	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
Deribit ENA_USDC-PERPETUALshort	0.0000%	1h	0.2156	+0.536%	$80K	$1.7M	50x
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2157	+0.583%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.984%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2155	+0.508%	$42K	$23K	10x	as long as short
dYdX ENA-USD	+0.0035%	1h	0.2151	+0.300%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2156	+0.536%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2155	+0.506%	$714K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2151	+0.322%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2150	+0.243%	$423K	$553K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2149	+0.218%	$134.0M	$443.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2149	+0.201%	$88.7M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2149	+0.219%	$21.1M	$110.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	+0.037%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2152	+0.350%	$107K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.070%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2151	+0.285%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2149	+0.229%	$45.9M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2151	+0.289%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2148	+0.145%	$48.7M	$61.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2149	+0.219%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2153	+0.406%	$383K	$410K	5x	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2144	long leg	$3.9M	$10.1M	—
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.005%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2145	+0.008%	$357K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	+0.070%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2158	+0.634%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2101	−2.010%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2153	+0.397%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2158	+0.630%	$281K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2151	+0.303%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2149	+0.201%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2156	+0.521%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.135%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2156	+0.518%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0232%	1h	0.2155	+0.475%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2149	+0.219%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0334% / S −0.0430%	1h	0.2158	+0.636%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2151	+0.322%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2157	+0.586%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2162	+0.798%	$856K	$1.8M	50x	as long as short
Lighter ENA	+0.0696%	1h	0.2153	+0.378%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0767%	1h	0.2155	+0.466%	$116.9M	$74.5M	10x	as long as short