Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.058%

Price spread now: Variational Omni against 01 Exchange+0.156%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Variational Omni is 0.156% dearer against 01 Exchange than usual: you sell high and buy low (spread +0.156% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ENAUSD	0.2120	0.0192	pay 0.0024% / 1h	25m 06s	$4K	$302	10x
Short	Variational Omni ENA	0.2123	0.0100	get 0.0050% / 4h	25m 06s	$3.9M	$10.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against 01 Exchange. 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 01 ExchangebpFee Variational OmnibpOrdersPrice spread, now +0.156%Rate

Funding earned: −$19.32
Price spread: +0.156% → 0.000%: $15.59
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.73
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: 01 Exchange: no order-book sample; 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.73 bp	doesn't fit	18.9 bp −$189	52.0 bp −$5,203	doesn't fit

01 Exchange: 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
Orderly PERP_ENA_USDC	−0.0010%	4h	0.2121	+0.038%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2122	+0.080%	$92K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2121	+0.044%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.160%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0034%	1h	0.2122	+0.094%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	−0.047%	$61K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.040%	$679K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2123	+0.143%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.040%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	+0.001%	$131.0M	$452.6M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2119	−0.028%	$89.0M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	−0.014%	$20.6M	$111.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	+0.123%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	0.000%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.165%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2122	+0.099%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2122	+0.099%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	+0.090%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2120	−0.019%	$48.0M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2120	+0.005%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2123	+0.156%	$3.9M	$10.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.187%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	+0.334%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.094%	$32K	$709K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2120	−0.009%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.533%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	+0.047%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2128	+0.358%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2122	+0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2118	−0.072%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2122	+0.083%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2129	+0.420%	$7K	$347K	10x	as long as short
01 Exchange ENAUSDlong	+0.0192%	1h	0.2120	long leg	$4K	$302	10x
Extended ENA-USD	+0.0208%	1h	0.2120	+0.017%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2123	+0.121%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2121	+0.047%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2121	+0.042%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.033%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0512%	1h	0.2125	+0.222%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2131	+0.500%	$841K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0769%	1h	0.2124	+0.170%	$114.3M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1724%	1h	0.2120	+0.008%	$140K	$15K	5x	as long as short