Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.013%

Price spread now: Phoenix against Variational Omni+0.333%54s7-day average +0.105% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.135%+$13 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.333%, 7d avg +0.105%

Together, before fees+0.169%+ Points / potential airdropVariational Omni: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.228% dearer against Variational Omni than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.105%. The two prices were read 54 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	0.2115	0.0100	pay 0.0050% / 4h	58m 35s	$3.8M	$10.3M	—
Short	Phoenix ENA	0.2122	0.0115	get 0.0014% / 1h	58m 35s	$5K	$347K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.333%Rate

Funding earned: $3.18
Price spread: +0.333% → +0.105%: $22.81
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $18.99
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: live order book, 17 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	4.73 bp	doesn't fit	14.2 bp −$142	61.5 bp −$6,147	doesn't fit
Sell Phoenix live order book, 17 min ago	1.91 bp	16.6 bp −$17	51.7 bp −$517	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
Backpack ENA_USDC_PERP	−0.0182%	1h	0.2117	+0.082%	$374K	$447K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0036%	4h	0.2116	+0.040%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.087%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2117	+0.089%	$105K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.389%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	+0.229%	$63K	$530K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.214%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	+0.153%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.108%	$410K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	+0.201%	$131.1M	$455.4M	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	0.2120	+0.224%	$89.1M	$191.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.252%	$20.5M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.106%	$15K	$400K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2119	+0.181%	$83K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.304%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	+0.077%	$10.8M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.096%	$46.6M	$45.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	+0.148%	$24.4M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	+0.181%	$48.0M	$64.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.096%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2115	long leg	$3.8M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2112	−0.157%	$251K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.086%	$351K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.197%	$32K	$710K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2121	+0.262%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.353%	$998	$820K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.087%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.210%	$275K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.040%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	+0.039%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2117	+0.073%	$78K	$11K	3x	as long as short
Phoenix ENAshort	+0.0115%	1h	0.2122	+0.333%	$5K	$347K	10x
01 Exchange ENAUSD	+0.0176%	1h	0.2121	+0.257%	$4K	$312	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2118	+0.121%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	+0.068%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.063%	$5.5M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0352%	1h	0.2117	+0.067%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2120	+0.233%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0468%	1h	0.2124	+0.422%	$112.3M	$78.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2124	+0.441%	$839K	$2.2M	50x	as long as short
Lighter ENA	+0.0664%	1h	0.2120	+0.233%	$5.7M	$12.8M	10x	as long as short
dYdX ENA-USD	+0.1878%	1h	0.2118	+0.132%	$140K	$15K	5x	as long as short