Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0330%/8h= +36.1% APRpaid last 24h 0.000%

Price spread now: GMX against Variational Omni+0.386%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and GMX is 0.386% dearer against Variational Omni than usual: you sell high and buy low: +$39 more if the spread goes back to zero (this spread has no 7-day history yet).

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	GMX ENA/USD [ETH-USDC]	0.2153	L +0.0333% / S −0.0430%	get 0.0054% / 1h	18m 07s	$81K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.386%Rate

Funding earned: $69.24
Price spread: +0.386% → 0.000%: $38.58
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $95.83
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; GMX: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPETUAL	0.0000%	1h	0.2157	+0.592%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2153	+0.392%	$103K	—	150x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2156	+0.532%	$42K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.984%	$522	$57K	5.5x	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	0.2150	+0.257%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2151	+0.301%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2152	+0.343%	$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	0.2157	+0.573%	$134.5M	$443.2M	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	0.2157	+0.588%	$89.0M	$187.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2158	+0.611%	$21.1M	$110.7M	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	0.2150	+0.261%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2158	+0.616%	$11.0M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2157	+0.606%	$46.1M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2158	+0.653%	$24.8M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2156	+0.555%	$48.9M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2157	+0.597%	—	$32.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2159	+0.690%	$384K	$409K	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	0.2153	+0.387%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2101	−2.028%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2157	+0.583%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2164	+0.909%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2156	+0.536%	$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	0.2158	+0.615%	$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	+0.0184%	1h	0.2152	+0.359%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0231%	1h	0.2158	+0.653%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0312%	1h	0.2156	+0.548%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]short	L +0.0333% / S −0.0430%	1h	0.2153	+0.386%	$81K	—	100x
BloFin ENA-USDT	+0.0340%	4h	0.2151	+0.322%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2152	+0.351%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	+0.252%	$851K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2160	+0.723%	$5.7M	$12.7M	10x	as long as short
Hyperliquid ENA	+0.0769%	1h	0.2162	+0.793%	$117.4M	$74.6M	10x	as long as short