Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.089%

Price spread now: Variational Omni against Hyperliquid−1.222%7-day average −0.098% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.243%−$24 on $10k

Price spread, last 7 days+1.146%+$115 · spread now −1.222%, 7d avg −0.098%

Together, before fees+0.902%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$90 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 1.124% cheaper against Hyperliquid than usual: you would sell low and buy high, −$112 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2128	0.0100	pay 0.0013% / 1h	22m 59s	$115.8M	$74.5M	10x
Short	Variational Omni ENA	0.2102	0.0100	get 0.0050% / 4h	2h 22m	$3.0M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −1.222%Rate

Funding earned: $0
Price spread: −1.222% → −0.098%: −$112.41
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$121.41
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	1.18 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.72 bp	doesn't fit	18.9 bp −$189	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	−0.0140%	4h	0.2127	−0.023%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	0.000%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	−0.077%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.216%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0040%	1h	0.2124	−0.202%	$4K	$277	10x	as long as short
Gate ENA_USDT	+0.0058%	4h	0.2127	−0.056%	$11.2M	$23.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2123	−0.235%	$58K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2120	−0.360%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2122	−0.270%	$657K	$1.7M	10x	as long as short
Hyperliquid ENAlong	+0.0100%	1h	0.2128	long leg	$115.8M	$74.5M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2130	+0.090%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.293%	$398K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	+0.066%	$129.1M	$419.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2128	−0.005%	$86.1M	$175.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.042%	$21.3M	$105.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2113	−0.710%	$20K	$322K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2121	−0.329%	$79K	$278K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.103%	$46.6M	$41.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.061%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	−0.014%	$48.3M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2129	+0.033%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2102	−1.222%	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2106	−1.022%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2112	−0.755%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−1.034%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2124	−0.197%	$191K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.552%	$1K	$874K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.023%	$268K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2127	−0.047%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	−0.470%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2129	+0.032%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.063%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2103	−1.161%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0162%	1h	0.2127	−0.037%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0232%	1h	0.2129	+0.042%	$5.3M	$13.1M	10x	as long as short
dYdX ENA-USD	+0.0282%	1h	0.2119	−0.443%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2126	−0.115%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2126	−0.080%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.186%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0595%	1h	0.2128	+0.014%	$360K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2118	−0.461%	$867K	$1.7M	50x	as long as short