Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0483%/8h= +52.9% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against Variational Omni+0.239%7-day average +0.089% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.217%+$22 on $10k

Price spread, last 7 days−0.177%−$18 · spread now +0.239%, 7d avg +0.089%

Together, before fees+0.040%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.149% dearer against Variational Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2109	0.0100	pay 0.0050% / 4h	1h 02m	$3.8M	$10.3M	—
Short	Hyperliquid ENA	0.2114	0.0583	get 0.0073% / 1h	2m 31s	$111.7M	$78.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.239%Rate

Funding earned: $101.38
Price spread: +0.239% → +0.089%: $14.95
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $107.33
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 11 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, 2 min ago	4.75 bp	doesn't fit	19.0 bp −$190	57.0 bp −$5,698	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.24 bp	8.2 bp −$8	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
Orderly PERP_ENA_USDC	−0.0038%	4h	0.2110	+0.025%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.068%	$92K	$1.8M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0001%	1h	0.2112	+0.125%	$373K	$447K	5x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2112	+0.116%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.665%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2112	+0.110%	$2.7M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	+0.078%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2111	+0.078%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	+0.073%	$664K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2112	+0.125%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2112	+0.130%	$409K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2112	+0.115%	$130.6M	$455.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	+0.063%	$88.1M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2111	+0.073%	$20.4M	$111.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.188%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.125%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.479%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2111	+0.087%	$10.7M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	+0.120%	$46.5M	$47.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2112	+0.125%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	+0.025%	$47.8M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	+0.106%	—	$32.7M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2109	long leg	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2107	−0.109%	$250K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	−0.112%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	−0.017%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	+0.096%	$177K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2060	−2.359%	$1K	$819K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	+0.078%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2112	+0.125%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.078%	$2.0M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	+0.016%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2109	+0.006%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2112	+0.115%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2111	+0.096%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2112	+0.101%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2110	+0.046%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2111	+0.066%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0560%	1h	0.2114	+0.234%	$5.7M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2113	+0.158%	$835K	$2.1M	50x	as long as short
Hyperliquid ENAshort	+0.0583%	1h	0.2114	+0.239%	$111.7M	$78.5M	10x
dYdX ENA-USD	+0.1977%	1h	0.2113	+0.149%	$140K	$15K	5x	as long as short