Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Bybit against Variational Omni−0.473%7-day average −0.015% · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.490%+$49 · spread now −0.473%, 7d avg −0.015%

Together, before fees+0.487%+ Points / potential airdropVariational Omni: Active · farm board+$49 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: Bybit is 0.458% cheaper against Variational Omni than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2127	0.0100	pay 0.0050% / 4h	3h 56m	$3.1M	$9.9M	—
Short	Bybit ENAUSDT	0.2117	0.0100	get 0.0050% / 4h	3h 56m	$88.4M	$192.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now −0.473%Rate

Funding earned: $0
Price spread: −0.473% → −0.015%: −$45.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.76
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bybit: live order book, 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 Variational Omni RFQ quote, 3 min ago	4.70 bp	doesn't fit	18.8 bp −$188	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.23 bp	9.3 bp −$9	16.7 bp −$167	58.8 bp −$5,877	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
Phemex ENAUSDT	−0.2111%	4h	0.2125	−0.097%	$1.9M	$9.0M	50x	as long as short
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.184%	$359K	$4.7M	10x	as long as short
Orderly PERP_ENA_USDC	−0.0081%	4h	0.2123	−0.196%	$44K	$17K	10x	as long as short
01 Exchange ENAUSD	−0.0072%	1h	0.2127	−0.022%	$4K	$277	10x	as long as short
dYdX ENA-USD	0.0000%	1h	0.2127	+0.006%	$141K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2124	−0.130%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2124	−0.155%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.172%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.097%	$53K	$486K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.151%	$570K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2123	−0.210%	$115.2M	$75.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	−0.264%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	+0.072%	$410K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2119	−0.386%	$128.8M	$426.5M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2117	−0.473%	$88.4M	$192.0M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2118	−0.445%	$21.2M	$107.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	+0.180%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.003%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.026%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2123	−0.182%	$13.3M	$26.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2124	−0.158%	$39.3M	$42.4M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2125	−0.116%	$25.0M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.605%	$47.9M	$60.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2123	−0.200%	—	$31.4M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2127	long leg	$3.1M	$9.9M	—
edgeX ENAUSDC	+0.0100%	4h	0.2126	−0.030%	$257K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.097%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2125	−0.078%	$175K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.396%	$1K	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2123	−0.191%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.086%	$267K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	−0.031%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2123	−0.196%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2124	−0.151%	$74K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2125	−0.078%	$5.0M	$12.5M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2134	+0.321%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2124	−0.128%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0292%	1h	0.2124	−0.168%	$411K	$477K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0754%	1h	0.2124	−0.143%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2134	+0.303%	$4.8M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2124	−0.162%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.500%	$803K	$2.0M	50x	as long as short