Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Variational Omni+1.032%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 1.032% dearer against Variational Omni than usual: you sell high and buy low, +$103 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2135	0.0100	pay 0.0050% / 4h	3h 48m	$3.1M	$9.8M	—
Short	Bulk ENA-USD	0.2157	0.0100	get 0.0013% / 1h	48m 36s	$94K	$511	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Variational Omni. 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 Variational OmnibpFee BulkbpOrdersPrice spread, now +1.032%Rate

Funding earned: $0
Price spread: +1.032% → 0.000%: $103.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $96.2
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Bulk: no order-book sample. 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 Variational Omni RFQ quote, 1 min ago	4.66 bp	doesn't fit	18.7 bp −$187	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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 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	−0.1341%	4h	0.2146	+0.497%	$1.9M	$9.0M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2146	+0.515%	$45K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2169	+1.588%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2148	+0.595%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2147	+0.520%	$83K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.562%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2169	+1.574%	$53K	$488K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2164	+1.321%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2167	+1.471%	$591K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2155	+0.923%	$117.1M	$75.3M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2167	+1.500%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2157	+1.017%	$416K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2168	+1.536%	$131.7M	$428.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2168	+1.536%	$90.4M	$193.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2168	+1.545%	$21.6M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2148	+0.581%	$33K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2164	+1.339%	$80K	$281K	10x	as long as short
Bulk ENA-USDshort	+0.0100%	1h	0.2157	+1.032%	$94K	$511	10x
Gate ENA_USDT	+0.0100%	4h	0.2162	+1.241%	$13.6M	$26.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2163	+1.283%	$40.6M	$42.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2155	+0.937%	$25.4M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2165	+1.396%	$49.0M	$60.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2162	+1.241%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2135	long leg	$3.1M	$9.8M	—
edgeX ENAUSDC	+0.0100%	4h	0.2131	−0.190%	$258K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2132	−0.159%	$363K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2132	−0.159%	$19K	$645K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2169	+1.583%	$178K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2096	−1.831%	$1K	$914K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2147	+0.543%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2153	+0.838%	$270K	$807K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2161	+1.206%	$1.7M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2147	+0.559%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2160	+1.161%	$5.1M	$12.7M	10x	as long as short
dYdX ENA-USD	+0.0143%	1h	0.2157	+1.030%	$143K	$16K	5x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	+0.108%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0194%	1h	0.2146	+0.511%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2148	+0.567%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	+0.562%	$5.6M	$3.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2166	+1.450%	$1K	—	15x	as long as short
Backpack ENA_USDC_PERP	+0.0521%	1h	0.2148	+0.609%	$416K	$481K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2150	+0.674%	$799K	$2.0M	50x	as long as short