Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Paradex against Variational Omni−0.220%53s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Paradex

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 · Paradex: 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: Paradex is 0.220% cheaper against Variational Omni than usual: you would sell low and buy high, −$22 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	Variational Omni ENA	0.2100	0.0100	pay 0.0050% / 4h	3h 21m	$3.0M	$10.0M	—
Short	Paradex ENA-USD-PERP	0.2095	0.0100	get 0.0100% / 8h	3h 21m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.220%Rate

Funding earned: $0
Price spread: −0.220% → 0.000%: −$22.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$26.01
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Paradex: 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, 2 min ago	4.76 bp	doesn't fit	14.3 bp −$143	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Backpack ENA_USDC_PERP	−0.0116%	1h	0.2099	−0.032%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0115%	4h	0.2097	−0.122%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.079%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2098	−0.067%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2095	−0.222%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.126%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.227%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2095	−0.220%	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.110%	$652K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.114%	$1.4M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2096	−0.165%	$399K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	+0.116%	$127.5M	$413.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	+0.116%	$85.0M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	+0.140%	$20.9M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	+0.126%	$22K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2096	−0.179%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	+0.009%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	+0.040%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2099	−0.060%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.017%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	+0.064%	$47.7M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2102	+0.121%	—	$31.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2100	long leg	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.122%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	+0.086%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.107%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2098	−0.084%	$190K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2045	−2.598%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.084%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.073%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.132%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.041%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.108%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.130%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0172%	1h	0.2100	−0.003%	$114.0M	$74.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2098	−0.082%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0176%	1h	0.2100	+0.016%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2098	−0.090%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.064%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2097	−0.119%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.349%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1131%	1h	0.2097	−0.142%	$139K	$15K	5x	as long as short