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 +0.008%

Price spread now: Variational Omni against Phemex+0.642%7-day average −0.049% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.920%−$92 · spread now +0.642%, 7d avg −0.049%

Together, before fees−0.915%+ Points / potential airdropVariational Omni: Active · farm board−$91 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 0.691% dearer against Phemex than usual: you sell high and buy low, +$69 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2115	0.0100	pay 0.0050% / 4h	1h 57m	$1.8M	$9.0M	50x
Short	Variational Omni ENA	0.2129	0.0100	get 0.0050% / 4h	1h 57m	$3.8M	$10.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.642%Rate

Funding earned: $0
Price spread: +0.642% → −0.049%: $69.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $57.1
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 2 min ago; 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 Phemex live order book, 2 min ago	11.78 bp	21.1 bp −$21	76.8 bp −$768	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	7.06 bp	doesn't fit	21.2 bp −$212	doesn't fit	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
dYdX ENA-USD	0.0000%	1h	0.2117	+0.115%	$140K	$15K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2114	−0.028%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2115	−0.022%	$87K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2113	−0.080%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	+0.0028%	4h	0.2113	−0.085%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.397%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.142%	$54K	$501K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2113	−0.087%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	+0.147%	$113.9M	$71.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	+0.006%	$1.5M	$3.3M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2116	+0.061%	$413K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	+0.193%	$130.4M	$428.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2119	+0.213%	$86.7M	$178.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2120	+0.222%	$20.8M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.563%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.047%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.260%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.047%	$11.0M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.061%	$45.4M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2116	+0.038%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2119	+0.165%	$48.3M	$58.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.118%	—	$6.5M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2129	+0.642%	$3.8M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2128	+0.636%	$249K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.443%	$361K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.473%	$32K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	−0.095%	$182K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.463%	$1K	$842K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2114	−0.047%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.099%	$276K	$787K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2115	long leg	$1.8M	$9.0M	50x
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.081%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2114	−0.047%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2119	+0.204%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2121	+0.279%	$7K	$298K	10x	as long as short
Backpack ENA_USDC_PERP	+0.0192%	1h	0.2118	+0.132%	$380K	$363K	5x	as long as short
Lighter ENA	+0.0208%	1h	0.2117	+0.095%	$5.5M	$13.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2114	−0.046%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2116	+0.034%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2113	−0.096%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2131	+0.771%	$838K	$1.6M	50x	as long as short