Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.026%

Price spread now: Variational Omni against Injective+0.244%46s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.244% dearer against Injective than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Injective ENA/USDC PERP	0.2123	0.0033	pay 0.0004% / 1h	0m 38s	$522	$57K	5.5x
Short	Variational Omni ENA	0.2129	0.0100	get 0.0050% / 4h	2h 00m	$3.8M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now +0.244%Rate

Funding earned: $14
Price spread: +0.244% → 0.000%: $24.38
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $38.36
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.72 bp	doesn't fit	18.9 bp −$189	75.5 bp −$7,551	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2130	+0.320%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	+0.288%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2127	+0.168%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2129	+0.250%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERPlong	+0.0033%	1h	0.2123	long leg	$522	$57K	5.5x
01 Exchange ENAUSD	+0.0096%	1h	0.2126	+0.122%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.028%	$54K	$506K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.219%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.155%	$415K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2123	−0.003%	$130.6M	$430.1M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	−0.080%	$86.8M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.080%	$20.9M	$104.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.165%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.122%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.655%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2127	+0.151%	$11.1M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	+0.132%	$45.6M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.207%	$24.7M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2124	+0.052%	$48.4M	$58.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2126	+0.132%	—	$32.4M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2131	+0.339%	$384K	$369K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2129	+0.244%	$3.8M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.026%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.037%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.075%	$32K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.152%	$681K	$1.7M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2129	+0.250%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2078	−2.138%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.311%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.396%	$278K	$803K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	+0.311%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	+0.105%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	+0.340%	$75K	$4K	3x	as long as short
Extended ENA-USD	+0.0152%	1h	0.2125	+0.071%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.330%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.343%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2130	+0.294%	$51K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2128	+0.214%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2129	+0.273%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0460%	1h	0.2129	+0.264%	$114.5M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2132	+0.419%	$838K	$1.6M	50x	as long as short