Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Variational Omni against Bitget−0.123%7-day average +0.048% · you buy dearer than you sell

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

Long on Bitget Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.120%+$12 · spread now −0.123%, 7d avg +0.048%

Together, before fees+0.131%+ Points / potential airdropVariational Omni: Active · farm board+$13 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% cheaper against Bitget than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ENAUSDT	0.2127	0.0100	pay 0.0050% / 4h	49m 17s	$48.2M	$64.7M	75x
Short	Variational Omni ENA	0.2124	0.0100	get 0.0050% / 4h	49m 17s	$3.9M	$10.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: $0
Price spread: −0.123% → +0.048%: −$17.13
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$29.13
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; Variational Omni: RFQ quote, 5 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 Bitget live order book, 5 min ago	0.94 bp	9.2 bp −$9	16.5 bp −$165	41.2 bp −$4,123	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.73 bp	doesn't fit	14.2 bp −$142	47.3 bp −$4,730	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	−0.0029%	4h	0.2127	+0.038%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.061%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2130	+0.171%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.146%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0053%	1h	0.2127	+0.014%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2129	+0.118%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2130	+0.141%	$684K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2131	+0.193%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	+0.101%	$412K	$567K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	+0.095%	$131.5M	$455.1M	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	0.2129	+0.099%	$89.4M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.113%	$20.6M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	+0.085%	$15K	$401K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2129	+0.118%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	−0.048%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2130	+0.165%	$10.9M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.174%	$47.1M	$45.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2131	+0.198%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDTlong	+0.0100%	4h	0.2127	long leg	$48.2M	$64.7M	75x
BingX ENA-USDT	+0.0100%	4h	0.2130	+0.160%	—	$32.7M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2124	−0.123%	$3.9M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2124	−0.114%	$253K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.100%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.118%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2130	+0.174%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.262%	$1K	$823K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2128	+0.071%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.268%	$276K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	+0.024%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	+0.079%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.023%	$78K	$11K	3x	as long as short
01 Exchange ENAUSD	+0.0168%	1h	0.2131	+0.212%	$4K	$302	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2125	−0.056%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	+0.091%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2130	+0.171%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.061%	$5.6M	$7.4M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2127	+0.034%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2130	+0.142%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.376%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0624%	1h	0.2132	+0.235%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0801%	1h	0.2134	+0.357%	$114.6M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1718%	1h	0.2127	+0.036%	$141K	$15K	5x	as long as short