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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Phemex against Variational Omni−0.143%7-day average +0.051% · you buy dearer than you sell

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.692%+$69 · spread now −0.143%, 7d avg +0.051%

Together, before fees+0.686%+ Points / potential airdropVariational Omni: Active · farm board+$69 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: Phemex is 0.194% cheaper against Variational Omni than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2111	0.0100	pay 0.0050% / 4h	2h 27m	$3.0M	$10.0M	—
Short	Phemex ENAUSDT	0.2108	0.0100	get 0.0050% / 4h	2h 27m	$1.8M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.143%Rate

Funding earned: $0
Price spread: −0.143% → +0.051%: −$19.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.44
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phemex: live order book, 6 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, 1 min ago	7.09 bp	doesn't fit	21.3 bp −$213	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.73 bp	20.2 bp −$20	68.1 bp −$681	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
Orderly PERP_ENA_USDC	−0.0142%	4h	0.2109	−0.091%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2110	−0.063%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	−0.075%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0018%	4h	0.2105	−0.262%	$11.1M	$23.7M	50x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2112	+0.042%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.586%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.001%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.023%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	−0.088%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2108	−0.129%	$114.5M	$74.3M	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	0.2107	−0.179%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2112	+0.042%	$396K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2106	−0.241%	$127.7M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	−0.238%	$85.2M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.214%	$21.1M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.274%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.046%	$79K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2106	−0.238%	$46.6M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2107	−0.191%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.309%	$47.8M	$57.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2106	−0.252%	—	$31.0M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2111	long leg	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2113	+0.100%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	+0.043%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2114	+0.141%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2111	−0.020%	$188K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.450%	$1K	$871K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.143%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.264%	$267K	$795K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2108	−0.143%	$1.8M	$8.9M	50x
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.331%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.249%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2110	−0.064%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2115	+0.198%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2109	−0.119%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2107	−0.167%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USD	+0.0290%	1h	0.2108	−0.156%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2108	−0.124%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2115	+0.169%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2110	−0.054%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0585%	1h	0.2108	−0.143%	$357K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2123	+0.572%	$869K	$1.7M	50x	as long as short