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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Arcus+0.140%7-day average −0.031% · you sell dearer than you buy

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

Long on Arcus Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now +0.140%, 7d avg −0.031%

Together, before fees+0.052%+ Points / potential airdropVariational Omni: Active · farm board+$5 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: Variational Omni is 0.171% dearer against Arcus than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ENA-USD	0.2116	0.0100	pay 0.0013% / 1h	6m 10s	$78K	$281K	10x
Short	Variational Omni ENA	0.2119	0.0100	get 0.0050% / 4h	1h 06m	$3.1M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Arcus. 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 ArcusbpFee Variational OmnibpOrdersPrice spread, now +0.140%Rate

Funding earned: $0
Price spread: +0.140% → −0.031%: $17.12
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $12.62
Costs to cover: 0.045%
Break-even: from the start

Slippage unknown: Arcus: live order book, 37 min ago; Variational Omni: RFQ quote, 3 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 Arcus live order book, 37 min ago	2.33 bp	18.0 bp −$18	28.2 bp −$282	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	7.10 bp	doesn't fit	16.6 bp −$166	49.7 bp −$4,968	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	−0.0100%	4h	0.2114	−0.104%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	−0.047%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.052%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	+0.014%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.350%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.047%	$55K	$481K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2114	−0.115%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.069%	$560K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2114	−0.085%	$114.4M	$75.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.064%	$1.4M	$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	0.2114	−0.074%	$400K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2114	−0.084%	$128.1M	$426.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2111	−0.250%	$90.5M	$186.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.147%	$21.1M	$107.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2111	−0.250%	$33K	$323K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2116	long leg	$78K	$281K	10x
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.280%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2113	−0.156%	$12.5M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2112	−0.175%	$38.4M	$43.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	−0.090%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2110	−0.274%	$47.8M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	−0.189%	—	$31.6M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2119	+0.140%	$3.1M	$10.2M	—
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.153%	$257K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2111	−0.236%	$351K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2113	−0.142%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	−0.014%	$183K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.495%	$877	$902K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	−0.142%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.307%	$266K	$816K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2114	−0.095%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.196%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.118%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2120	+0.180%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0152%	1h	0.2115	−0.028%	$5.0M	$13.7M	10x	as long as short
Backpack ENA_USDC_PERP	+0.0241%	1h	0.2113	−0.128%	$392K	$437K	5x	as long as short
dYdX ENA-USD	+0.0242%	1h	0.2113	−0.122%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2113	−0.126%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2112	−0.184%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2114	−0.075%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0446%	1h	0.2115	−0.062%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2135	+0.922%	$881K	$1.8M	50x	as long as short