Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h −0.064%

Price spread now: Kraken Futures against Variational Omni+1.699%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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.172%+$17 on $10k

Price spread, last 4 days (all we have)−1.027%−$103 · spread now +1.699%, 7d avg +0.089%

Together, before fees−0.855%+ Points / potential airdropVariational Omni: Active · farm board−$86 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 Kraken Futures is 1.611% dearer against Variational Omni than usual: you sell high and buy low: +$161 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	0.2102	0.0100	pay 0.0050% / 4h	2h 21m	$3.0M	$10.0M	—
Short	Kraken Futures PF_ENAUSD	0.2138	0.0161	get 0.0020% / 1h	21m 52s	$2.6M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +1.699%Rate

Funding earned: $12.76
Price spread: +1.699% → +0.089%: $161.05
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $163.81
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Kraken Futures: live order book, 2 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	4.72 bp	doesn't fit	18.9 bp −$189	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	13.66 bp	21.4 bp −$21	29.2 bp −$292	135.4 bp −$13.5K	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	−0.0139%	4h	0.2135	+1.594%	$44K	$26K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2136	+1.622%	$83K	—	150x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0031%	1h	0.2136	+1.632%	$69K	$1.1M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.018%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2136	+1.608%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0066%	4h	0.2141	+1.850%	$11.3M	$23.9M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2135	+1.570%	$59K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2130	+1.349%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2136	+1.610%	$661K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2143	+1.960%	$116.6M	$74.6M	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	0.2141	+1.874%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2134	+1.509%	$400K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2142	+1.903%	$129.8M	$419.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2141	+1.874%	$86.3M	$176.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2142	+1.889%	$21.4M	$106.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	+0.518%	$20K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	+1.522%	$79K	$278K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2140	+1.817%	$46.8M	$41.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2141	+1.869%	$25.0M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2141	+1.865%	$48.7M	$58.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2142	+1.884%	—	$31.2M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2102	long leg	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.202%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.472%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	+0.190%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2137	+1.651%	$189K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2086	−0.780%	$994	$874K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	+1.665%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+2.103%	$270K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	+1.855%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2132	+1.403%	$94K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2141	+1.832%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2136	+1.607%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2103	+0.062%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSDshort	+0.0161%	1h	0.2138	+1.699%	$2.6M	$4.3M	50x
Lighter ENA	+0.0248%	1h	0.2139	+1.755%	$5.3M	$13.1M	10x	as long as short
dYdX ENA-USD	+0.0282%	1h	0.2130	+1.348%	$141K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0753%	1h	0.2136	+1.610%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	+1.156%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2136	+1.615%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0607%	1h	0.2143	+1.931%	$360K	$401K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2137	+1.655%	$875K	$1.7M	50x	as long as short