Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Nado against Variational Omni+0.238%7-day average +0.022% · you sell dearer than you buy

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.146%+$15 · spread now +0.238%, 7d avg +0.022%

Together, before fees+0.165%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.217% dearer against Variational Omni than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2091	0.0100	pay 0.0050% / 4h	1h 13m	$3.8M	$10.3M	—
Short	Nado ENA-PERP	0.2096	0.0100	get 0.0012% / 1h	13m 02s	$660K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.238%Rate

Funding earned: $0
Price spread: +0.238% → +0.022%: $21.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $14.66
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Nado: live order book, 1 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	4.77 bp	doesn't fit	14.3 bp −$143	52.5 bp −$5,248	doesn't fit
Sell Nado live order book, 1 min ago	0.71 bp	7.9 bp −$8	21.8 bp −$218	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	−0.0045%	4h	0.2096	+0.235%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0031%	1h	0.2099	+0.354%	$370K	$448K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	+0.259%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2096	+0.234%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.545%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2097	+0.297%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.187%	$61K	$531K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.239%	$47K	$221	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2096	+0.238%	$660K	$1.8M	10x
Aster ENAUSDT	+0.0100%	4h	0.2098	+0.314%	$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	0.2095	+0.211%	$405K	$576K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2098	+0.340%	$129.4M	$454.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2098	+0.316%	$87.2M	$190.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2098	+0.316%	$20.2M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2095	+0.201%	$15K	$396K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.235%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2095	+0.172%	$88K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2097	+0.283%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2098	+0.326%	$46.6M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	+0.354%	$23.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2097	+0.259%	$47.4M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2098	+0.316%	—	$32.7M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2091	long leg	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2093	+0.075%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2093	+0.070%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2092	+0.044%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2095	+0.206%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2046	−2.161%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2096	+0.235%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.699%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2095	+0.187%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	+0.264%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	+0.302%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0136%	1h	0.2096	+0.230%	$4K	$432	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0243% / S −0.0418%	1h	0.2096	+0.225%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0336%	1h	0.2097	+0.275%	$1.6M	$4.1M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	+0.206%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2095	+0.166%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0528%	1h	0.2099	+0.388%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	+0.431%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0584%	1h	0.2099	+0.397%	$110.8M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1980%	1h	0.2095	+0.182%	$138K	$15K	5x	as long as short