Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.011%

Price spread now: Variational Omni against Extended−0.377%7-day average +0.017% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.042%−$4 on $10k

Price spread, last 7 days+0.363%+$36 · spread now −0.377%, 7d avg +0.017%

Together, before fees+0.321%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$32 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 0.393% cheaper against Extended than usual: you would sell low and buy high, −$39 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ENA-USD	0.2082	0.0104	pay 0.0013% / 1h	47m 45s	$1.6M	$4.5M	50x
Short	Variational Omni ENA	0.2074	0.0100	get 0.0050% / 4h	47m 45s	$2.8M	$7.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.377%Rate

Funding earned: −$0.84
Price spread: −0.377% → +0.017%: −$39.33
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$45.17
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 Extended live order book, 4 min ago	1.45 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.82 bp	doesn't fit	19.3 bp −$193	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0161%	4h	0.2084	+0.128%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0100%	1h	0.2086	+0.212%	$2.6M	$3.0M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2086	+0.176%	$4K	$60	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	+0.200%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2084	+0.119%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.924%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2079	−0.137%	$13K	$290K	10x	as long as short
Bitget ENAUSDT	+0.0042%	4h	0.2081	−0.021%	$47.2M	$53.8M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2084	+0.113%	$5.0M	$12.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2085	+0.152%	$53K	$388K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	+0.281%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2084	+0.087%	$538K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2083	+0.075%	$111.3M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2084	+0.124%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2088	+0.301%	$377K	$491K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	+0.075%	$124.4M	$398.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2082	+0.012%	$83.5M	$181.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2083	+0.041%	$20.5M	$96.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2073	−0.415%	$37K	$308K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2085	+0.152%	$77K	$215K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	+0.032%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2083	+0.075%	$14.1M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.065%	$42.8M	$39.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2084	+0.128%	$24.8M	$14.3M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2083	+0.046%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2085	+0.152%	$402K	$458K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2074	−0.377%	$2.8M	$7.6M	—
edgeX ENAUSDC	+0.0100%	4h	0.2072	−0.468%	$238K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2072	−0.458%	$347K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2073	−0.425%	$18K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2084	+0.089%	$122K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2035	−2.245%	$1K	$931K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	+0.152%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.272%	$269K	$742K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2086	+0.200%	$1.8M	$9.2M	50x	as long as short
Extended ENA-USDlong	+0.0104%	1h	0.2082	long leg	$1.6M	$4.5M	50x
Aevo ENA-PERP	+0.0104%	1h	0.2085	+0.139%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0105%	1h	0.2087	+0.241%	$138K	$17K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2081	−0.055%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2083	+0.049%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2079	−0.132%	$760K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0521% / S −0.0754%	1h	0.2084	+0.105%	$57K	—	100x	as long as short