Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.001%

Price spread now: Variational Omni against GMX−0.045%7-day average — · you buy dearer than you sell

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

Long on GMX 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.045% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ENA/USD [ETH-USDC]	0.2086	L +0.0215% / S −0.0164%	pay 0.0027% / 1h	6m 59s	$50K	—	100x
Short	Variational Omni ENA	0.2085	0.0100	get 0.0050% / 4h	2h 06m	$3.8M	$10.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.045%Rate

Funding earned: −$24.13
Price spread: −0.045% → 0.000%: −$4.52
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$40.64
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	7.18 bp	doesn't fit	16.8 bp −$168	55.1 bp −$5,506	doesn't fit

GMX: 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
Backpack ENA_USDC_PERP	−0.0286%	1h	0.2081	−0.246%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2085	−0.088%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2087	+0.051%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	−0.040%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	+0.009%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.771%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.171%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0082%	4h	0.2083	−0.179%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	+0.027%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	+0.069%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2088	+0.094%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2080	−0.301%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	+0.113%	$404K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2081	−0.280%	$128.0M	$465.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2080	−0.304%	$86.5M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2080	−0.299%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.070%	$19K	$417K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	+0.123%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.020%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2081	−0.275%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	−0.266%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2079	−0.342%	$47.0M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.318%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2085	−0.045%	$3.8M	$10.4M	—
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.199%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.222%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.171%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2088	+0.070%	$182K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2037	−2.384%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	−0.069%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.310%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	−0.117%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	−0.069%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2086	−0.011%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2080	−0.315%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]long	L +0.0215% / S −0.0164%	1h	0.2086	long leg	$50K	—	100x
Lighter ENA	+0.0304%	1h	0.2088	+0.070%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.104%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2082	−0.194%	$109.7M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	+0.019%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2089	+0.104%	$798K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5141%	1h	0.2089	+0.111%	$138K	$15K	5x	as long as short