Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Variational Omni−0.051%46s7-day average −0.020% · you buy dearer than you sell

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.725%−$72 · spread now −0.051%, 7d avg −0.020%

Together, before fees−0.727%+ Points / potential airdropVariational Omni: Active · farm board−$73 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: Popdex is 0.030% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 46 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	0.2094	0.0100	pay 0.0050% / 4h	2h 43m	$3.6M	$10.2M	—
Short	Popdex ENAUSDT	0.2093	0.0096	get 0.0012% / 1h	43m 42s	$59K	$542K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$0.84
Price spread: −0.051% → −0.020%: −$3.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$10.27
Costs to cover: 0.064%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; Popdex: live order book, 45 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, just now	7.17 bp	doesn't fit	16.7 bp −$167	59.8 bp −$5,977	doesn't fit
Sell Popdex live order book, 45 min ago	1.41 bp	11.2 bp −$11	80.3 bp −$803	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	−0.0403%	1h	0.2094	+0.016%	$360K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0088%	4h	0.2093	−0.032%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2094	−0.017%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0046%	4h	0.2094	+0.007%	$10.4M	$21.5M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2094	+0.011%	$97K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2094	−0.003%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.401%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2096	+0.097%	$5K	$394K	10x	as long as short
Popdex ENAUSDTshort	+0.0096%	1h	0.2093	−0.051%	$59K	$542K	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2096	+0.088%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2094	+0.007%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2096	+0.089%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.097%	$402K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.067%	$129.3M	$469.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2096	+0.074%	$87.7M	$193.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2096	+0.112%	$20.1M	$114.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	−0.017%	$19K	$444K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	+0.093%	$83K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.284%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2096	+0.083%	$45.0M	$48.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.054%	$24.2M	$16.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2095	+0.045%	$47.4M	$66.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	+0.011%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2094	long leg	$3.6M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.027%	$250K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.046%	$356K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2095	+0.045%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.112%	$182K	$3.0M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.419%	$780	$807K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.051%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.422%	$273K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.051%	$1.8M	$9.3M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2094	+0.008%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2094	−0.007%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2096	+0.076%	$2.7M	$5.8M	50x	as long as short
Lighter ENA	+0.0168%	1h	0.2098	+0.174%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0211% / S −0.0159%	1h	0.2094	−0.024%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0262%	1h	0.2098	+0.169%	$111.4M	$80.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.041%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	0.000%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2101	+0.322%	$802K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.9201%	1h	0.2096	+0.100%	$138K	$12K	5x	as long as short