Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.666%

Price spread now: dYdX against Variational Omni+0.357%53s7-day average −0.016% · you sell dearer than you buy

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

Long on Variational Omni Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.965%+$96 on $10k

Price spread, last 4 days (all we have)−0.773%−$77 · spread now +0.357%, 7d avg −0.016%

Together, before fees+0.192%+ Points / potential airdropVariational Omni: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and dYdX is 0.373% dearer against Variational Omni than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2105	0.0100	pay 0.0050% / 4h	2m 48s	$3.0M	$10.0M	—
Short	dYdX ENA-USD	0.2112	0.0159	get 0.0020% / 1h	2m 48s	$140K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.357%Rate

Funding earned: $12.49
Price spread: +0.357% → −0.016%: $37.32
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $39.82
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; dYdX: live order book, 56 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	4.75 bp	doesn't fit	19.0 bp −$190	66.5 bp −$6,648	doesn't fit
Sell dYdX live order book, 56 min ago	42.15 bp	47.2 bp −$47	345.6 bp −$3,456	1400.0 bp −$140.0K	1925.5 bp −$962.8K

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	−0.0128%	1h	0.2116	+0.552%	$362K	$401K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2114	+0.447%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0024%	1h	0.2115	+0.500%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.514%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	+0.505%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.885%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2110	+0.253%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2114	+0.438%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	+0.403%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2114	+0.462%	$659K	$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
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.512%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.432%	$403K	$521K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.517%	$128.6M	$416.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2113	+0.381%	$85.3M	$175.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	+0.405%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	+0.025%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.485%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.082%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.485%	$11.1M	$22.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.533%	$46.1M	$41.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.533%	$25.0M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	+0.314%	$47.9M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2115	+0.500%	—	$32.3M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2105	long leg	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2107	+0.097%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.162%	$358K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.153%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.581%	$178K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−1.952%	$910	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.485%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.585%	$274K	$794K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.485%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	+0.486%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.486%	$74K	$4K	3x	as long as short
dYdX ENA-USDshort	+0.0159%	1h	0.2112	+0.357%	$140K	$15K	5x
Lighter ENA	+0.0176%	1h	0.2117	+0.595%	$5.2M	$13.5M	10x	as long as short
Hyperliquid ENA	+0.0205%	1h	0.2118	+0.638%	$115.4M	$74.8M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.571%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.517%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.509%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	+0.509%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2119	+0.676%	$866K	$1.7M	50x	as long as short