Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Phoenix−0.436%54s7-day average −0.120% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.138%−$14 on $10k

Price spread, last 4 days (all we have)−0.195%−$19 · spread now −0.436%, 7d avg −0.120%

Together, before fees−0.333%+ Points / potential airdropVariational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.316% cheaper against Phoenix than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.120%). Swap the legs. The two prices were read 54 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	Phoenix ENA	0.2143	0.0150	pay 0.0019% / 1h	0m 25s	$14K	$267K	10x
Short	Variational Omni ENA	0.2134	0.0100	get 0.0050% / 4h	3h 00m	$3.1M	$8.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.436%Rate

Funding earned: −$10.52
Price spread: −0.436% → −0.120%: −$31.64
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$49.16
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 30 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 Phoenix live order book, 30 min ago	1.89 bp	16.8 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.68 bp	doesn't fit	18.7 bp −$187	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
Phemex ENAUSDT	−0.0158%	4h	0.2135	−0.392%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0108%	4h	0.2135	−0.387%	$44K	$15K	10x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2136	−0.364%	$4K	$169	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2135	−0.369%	$91K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2136	−0.327%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−1.003%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0038%	4h	0.2135	−0.378%	$48.2M	$59.9M	75x	as long as short
dYdX ENA-USD	+0.0093%	1h	0.2135	−0.377%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2136	−0.331%	$5.0M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2135	−0.392%	$55K	$486K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2134	−0.439%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2134	−0.422%	$565K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2138	−0.243%	$117.0M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2137	−0.308%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2135	−0.388%	$408K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2136	−0.331%	$129.1M	$422.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2137	−0.322%	$87.4M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2135	−0.378%	$21.1M	$106.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2142	−0.042%	$39K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2136	−0.345%	$79K	$247K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2137	−0.322%	$13.5M	$28.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2136	−0.327%	$42.1M	$44.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2137	−0.289%	$25.1M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2136	−0.336%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	−0.373%	$413K	$476K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2134	−0.436%	$3.1M	$8.8M	—
edgeX ENAUSDC	+0.0100%	4h	0.2136	−0.323%	$252K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2135	−0.376%	$358K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2137	−0.299%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2136	−0.331%	$176K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2085	−2.720%	$1K	$921K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2135	−0.392%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2146	+0.131%	$265K	$813K	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2133	−0.462%	$104K	$12K	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2134	−0.427%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2135	−0.400%	$75K	$4K	3x	as long as short
Phoenix ENAlong	+0.0150%	1h	0.2143	long leg	$14K	$267K	10x
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2136	−0.356%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2136	−0.359%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2135	−0.373%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2134	−0.420%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2145	+0.098%	$792K	$2.0M	50x	as long as short