Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against edgeX−0.031%89s7-day average +0.004% · you buy dearer than you sell

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.035%+$4 · spread now −0.031%, 7d avg +0.004%

Together, before fees+0.035%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board+$4 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: Variational Omni is 0.035% cheaper against edgeX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.004%. The two prices were read 89 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	edgeX ENAUSDC	0.2131	0.0100	pay 0.0050% / 4h	2h 20m	$246K	$7.5M	20x
Short	Variational Omni ENA	0.2130	0.0100	get 0.0050% / 4h	2h 20m	$3.8M	$10.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against edgeX. 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 edgeXbpFee Variational OmnibpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → +0.004%: −$3.49
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.49
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 4 min ago; 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 edgeX live order book, 4 min ago	7.03 bp	11.5 bp −$12	13.0 bp −$130	43.6 bp −$4,362	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	7.02 bp	doesn't fit	16.4 bp −$164	77.3 bp −$7,726	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2133	+0.079%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2133	+0.109%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0013%	1h	0.2132	+0.021%	$141K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.362%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2133	+0.088%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2132	+0.037%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2131	−0.005%	$55K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2131	−0.008%	$685K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2133	+0.108%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2131	+0.006%	$417K	$544K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2133	+0.085%	$132.1M	$443.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2133	+0.102%	$87.5M	$186.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2133	+0.102%	$20.9M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2135	+0.196%	$19K	$402K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2131	−0.005%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2135	+0.159%	$94K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2133	+0.070%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2133	+0.093%	$45.4M	$44.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2135	+0.168%	$24.8M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2132	+0.037%	$48.5M	$60.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2134	+0.112%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.173%	$382K	$387K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2130	−0.031%	$3.8M	$10.2M	—
edgeX ENAUSDClong	+0.0100%	4h	0.2131	long leg	$246K	$7.5M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2129	−0.099%	$352K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2129	−0.099%	$32K	$657K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	+0.107%	$184K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2082	−2.305%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2133	+0.088%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.173%	$275K	$864K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2133	+0.088%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2130	−0.043%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2133	+0.071%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2129	−0.095%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2131	+0.012%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2134	+0.143%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2133	+0.099%	$51K	—	100x	as long as short
Lighter ENA	+0.0392%	1h	0.2135	+0.196%	$5.5M	$13.7M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2133	+0.071%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0495%	1h	0.2136	+0.231%	$115.4M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.224%	$837K	$1.7M	50x	as long as short