Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.644%

Price spread now: Variational Omni against dYdX+0.379%7-day average +0.010% · you sell dearer than you buy

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

Long on dYdX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.977%−$98 on $10k

Price spread, last 4 days (all we have)−0.412%−$41 · spread now +0.379%, 7d avg +0.010%

Together, before fees−1.389%+ Points / potential airdropVariational Omni: Active · farm board−$139 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.368% dearer against dYdX than usual: you sell high and buy low (spread +0.379% now, against its 7-day average of +0.010%): +$37 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.0 days. At the pace of the last 4 days (−0.977% in total) that is about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ENA-USD	0.2114	0.0304	pay 0.0038% / 1h	33m 37s	$140K	$16K	5x
Short	Variational Omni ENA	0.2122	0.0100	get 0.0050% / 4h	2h 33m	$3.1M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now +0.379%Rate

Funding earned: −$42.83
Price spread: +0.379% → +0.010%: $36.84
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.99
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: dYdX: live order book, 15 min ago; 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 dYdX live order book, 15 min ago	145.57 bp	183.1 bp −$183	501.1 bp −$5,011	1057.7 bp −$105.8K	1840.9 bp −$920.4K
Sell Variational Omni RFQ quote, 1 min ago	7.09 bp	doesn't fit	16.6 bp −$166	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	−0.0143%	4h	0.2115	+0.085%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.089%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	+0.090%	$82K	—	150x	as long as short
Gate ENA_USDT	+0.0006%	4h	0.2113	−0.043%	$11.1M	$23.6M	50x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	+0.094%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.463%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.076%	$57K	$468K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.050%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.141%	$656K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	+0.066%	$114.9M	$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	0.2115	+0.056%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.010%	$397K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.005%	$128.1M	$417.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	+0.004%	$85.5M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.001%	$21.1M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2118	+0.193%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	+0.066%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2112	−0.076%	$93K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2114	+0.009%	$46.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2114	+0.037%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2112	−0.076%	$48.0M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2113	−0.024%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2122	+0.379%	$3.1M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2116	+0.130%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.208%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.208%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2116	+0.132%	$189K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.305%	$1K	$870K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2115	+0.066%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.421%	$268K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	+0.066%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2112	−0.072%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	+0.089%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2121	+0.340%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2117	+0.141%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2116	+0.099%	$5.2M	$13.0M	10x	as long as short
dYdX ENA-USDlong	+0.0304%	1h	0.2114	long leg	$140K	$16K	5x
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0358%	1h	0.2115	+0.082%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2128	+0.676%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	+0.076%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0596%	1h	0.2115	+0.075%	$358K	$403K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2131	+0.813%	$872K	$1.7M	50x	as long as short