Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Nado against Variational Omni−0.095%7-day average +0.021% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days−0.067%−$7 · spread now −0.095%, 7d avg +0.021%

Together, before fees−0.047%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board−$5 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: Nado is 0.116% cheaper against Variational Omni than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2118	0.0100	pay 0.0050% / 4h	18m 43s	$3.1M	$10.0M	—
Short	Nado ENA-PERP	0.2116	0.0100	get 0.0012% / 1h	18m 43s	$656K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. 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 Variational OmnibpFee NadobpOrdersPrice spread, now −0.095%Rate

Funding earned: $0
Price spread: −0.095% → +0.021%: −$11.62
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$18.62
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; Nado: live order book, 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 Variational Omni RFQ quote, just now	7.09 bp	doesn't fit	16.5 bp −$165	68.5 bp −$6,851	doesn't fit
Sell Nado live order book, 5 min ago	0.47 bp	4.9 bp −$5	15.8 bp −$158	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
Backpack ENA_USDC_PERP	−0.0161%	1h	0.2118	−0.017%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0071%	4h	0.2117	−0.064%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0064%	1h	0.2118	−0.003%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	−0.0033%	1h	0.2117	−0.045%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.037%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.252%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2121	+0.153%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2117	−0.050%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.080%	$47K	$110	10x	as long as short
Nado ENA-PERPshort	+0.0100%	1h	0.2116	−0.095%	$656K	$1.7M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2116	−0.107%	$115.2M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.161%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2118	−0.020%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.239%	$128.7M	$416.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2113	−0.244%	$85.3M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2113	−0.244%	$20.8M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.002%	$18K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	−0.003%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.074%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.215%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	−0.201%	$46.0M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	−0.116%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.314%	$48.0M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2113	−0.239%	—	$32.3M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2118	long leg	$3.1M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2118	+0.002%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	−0.009%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.003%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	−0.045%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.486%	$1K	$849K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	−0.050%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2123	+0.229%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.050%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2113	−0.261%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−0.006%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0120%	1h	0.2116	−0.116%	$5.2M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0128%	1h	0.2119	+0.049%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2118	+0.016%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2118	−0.024%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2116	−0.092%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2116	−0.120%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2127	+0.417%	$869K	$1.7M	50x	as long as short