Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.177%

Price spread now: Variational Omni against Lighter+0.115%7-day average −0.103% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.426%−$43 on $10k

Price spread, last 7 days−0.205%−$20 · spread now +0.115%, 7d avg −0.103%

Together, before fees−0.631%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.218% dearer against Lighter than usual: you sell high and buy low (spread +0.115% now, against its 7-day average of −0.103%): +$22 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 3 days (−0.426% in total) that is about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ENA	0.2083	0.0304	pay 0.0038% / 1h	6m 23s	$5.6M	$13.2M	10x
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 Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.115%Rate

Funding earned: −$42.84
Price spread: +0.115% → −0.103%: $21.8
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.04
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 12 min ago; Variational Omni: RFQ quote, 3 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 Lighter live order book, 12 min ago	1.66 bp	5.3 bp −$5	15.6 bp −$156	318.4 bp −$31.8K	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	7.18 bp	doesn't fit	16.8 bp −$168	55.1 bp −$5,506	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
Backpack ENA_USDC_PERP	−0.0286%	1h	0.2081	−0.086%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2081	−0.082%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	−0.120%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	+0.120%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	−0.112%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.935%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.331%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0090%	4h	0.2080	−0.154%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.149%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.153%	$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	0.2080	−0.137%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2081	−0.099%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	−0.098%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2080	−0.126%	$128.0M	$464.9M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2081	−0.110%	$86.4M	$193.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2082	−0.072%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.230%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2081	−0.101%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.180%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2080	−0.130%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	−0.091%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2079	−0.173%	$47.0M	$65.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.130%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2085	+0.115%	$3.8M	$10.4M	—
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.360%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.382%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.331%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2081	−0.106%	$191K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2037	−2.227%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	+0.091%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.470%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	+0.043%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	+0.091%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2086	+0.150%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2080	−0.148%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.129%	$50K	—	100x	as long as short
Lighter ENAlong	+0.0304%	1h	0.2083	long leg	$5.6M	$13.2M	10x
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.264%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2083	+0.002%	$109.8M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.132%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2089	+0.264%	$798K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5075%	1h	0.2081	−0.113%	$137K	$15K	5x	as long as short