Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: Variational Omni against Deribit+0.137%7-day average −0.051% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$5 on $10k

Price spread, last 4 days (all we have)−0.759%−$76 · spread now +0.137%, 7d avg −0.051%

Together, before fees−0.804%+ Points / potential airdropVariational Omni: Active · farm board−$80 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Variational Omni is 0.188% dearer against Deribit than usual: you sell high and buy low: +$19 more if the spread 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	Deribit ENA_USDC-PERPETUAL	0.2107	0	get 0.0000% / 1h	28m 28s	$73K	$1.1M	50x
Short	Variational Omni ENA	0.2109	0.0100	get 0.0050% / 4h	3h 28m	$3.0M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now +0.137%Rate

Funding earned: $21
Price spread: +0.137% → −0.051%: $18.78
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $32.78
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Deribit: live order book, just now; Variational Omni: RFQ quote, 1 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 Deribit live order book, just now	3.32 bp	6.8 bp −$7	13.7 bp −$137	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.75 bp	doesn't fit	14.3 bp −$143	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	−0.0106%	1h	0.2107	+0.043%	$359K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0102%	4h	0.2105	−0.047%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUALlong	0.0000%	1h	0.2107	long leg	$73K	$1.1M	50x
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.001%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.802%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2107	+0.028%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	+0.024%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.006%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	+0.036%	$655K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2109	+0.107%	$1.5M	$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	0.2108	+0.085%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	+0.071%	$127.9M	$413.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	+0.047%	$85.3M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.052%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.328%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.071%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.404%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	+0.052%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.019%	$45.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.100%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2105	−0.066%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2108	+0.062%	—	$31.6M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2109	+0.137%	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.056%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.119%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.119%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	+0.076%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.374%	$986	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	+0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.304%	$273K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.024%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	+0.001%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.018%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2111	+0.204%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2107	+0.045%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2110	+0.171%	$5.2M	$13.3M	10x	as long as short
Hyperliquid ENA	+0.0232%	1h	0.2109	+0.114%	$114.6M	$74.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2107	+0.014%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.005%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.033%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.380%	$865K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1060%	1h	0.2107	+0.001%	$139K	$15K	5x	as long as short