Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0049%/8h= −5.3% APRpaid last 24h +0.066%

Price spread now: Variational Omni against Kraken Futures−0.185%7-day average −0.090% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.180%−$18 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now −0.185%, 7d avg −0.090%

Together, before fees−0.396%+ Points / potential airdropVariational Omni: Active · farm board−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.096% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.090%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ENAUSD	0.2109	0.0149	pay 0.0019% / 1h	15m 15s	$2.6M	$4.4M	50x
Short	Variational Omni ENA	0.2105	0.0100	get 0.0050% / 4h	15m 15s	$3.0M	$9.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.185%Rate

Funding earned: −$10.26
Price spread: −0.185% → −0.090%: −$9.55
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$29.81
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: 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 Kraken Futures live order book, 4 min ago	7.12 bp	17.5 bp −$18	24.1 bp −$241	85.6 bp −$8,563	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.76 bp	doesn't fit	19.0 bp −$190	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	−0.0086%	4h	0.2108	−0.073%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2109	−0.035%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	−0.063%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2109	−0.040%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.667%	$522	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2110	+0.041%	$5.0M	$13.9M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2108	−0.063%	$53K	$484K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2108	−0.072%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2108	−0.061%	$564K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2109	−0.006%	$114.4M	$74.7M	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	0.2108	−0.041%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.041%	$407K	$563K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.039%	$128.4M	$424.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.087%	$90.4M	$187.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2109	−0.002%	$21.1M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	−0.101%	$33K	$312K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2109	−0.016%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−0.206%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2108	−0.063%	$13.0M	$27.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2109	−0.040%	$39.3M	$43.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	−0.002%	$24.9M	$15.8M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.144%	$47.8M	$59.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2108	−0.068%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2108	−0.063%	$408K	$486K	5x	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2105	−0.185%	$3.0M	$9.9M	—
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.167%	$254K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.201%	$355K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.158%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.082%	$181K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2058	−2.443%	$1K	$908K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2108	−0.063%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.050%	$266K	$808K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2107	−0.111%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2107	−0.125%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2109	−0.032%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSDlong	+0.0149%	1h	0.2109	long leg	$2.6M	$4.4M	50x
Phoenix ENA	+0.0190%	1h	0.2109	−0.002%	$13K	$273K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0754%	1h	0.2108	−0.057%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2108	−0.082%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.151%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2098	−0.542%	$867K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0917%	1h	0.2108	−0.080%	$139K	$16K	5x	as long as short