Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0960%/8h= +105.1% APRpaid last 24h +0.649%

Price spread now: dYdX against Variational Omni−0.136%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.962%+$96 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.136%, 7d avg −0.015%

Together, before fees+1.183%+ Points / potential airdropVariational Omni: Active · farm board+$118 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.121% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of −0.015%). If the spread goes back, that is −$12 on $10k: about 10 hours of funding at the current rate (+$29 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2109	0.0100	pay 0.0050% / 4h	3h 27m	$3.0M	$10.0M	—
Short	dYdX ENA-USD	0.2107	0.1060	get 0.0132% / 1h	27m 55s	$139K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 dYdXbpOrdersPrice spread, now −0.136%Rate

Funding earned: $201.52
Price spread: −0.136% → −0.015%: −$12.06
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $179.46
Costs to cover: 0.100%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; dYdX: live order book, 26 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, 1 min ago	4.75 bp	doesn't fit	14.3 bp −$143	doesn't fit	doesn't fit
Sell dYdX live order book, 26 min ago	50.64 bp	55.6 bp −$56	373.4 bp −$3,734	712.2 bp −$71.2K	1724.6 bp −$862.3K

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	−0.0107%	1h	0.2105	−0.184%	$359K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0104%	4h	0.2105	−0.184%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	−0.146%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.146%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.665%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2107	−0.108%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.113%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2106	−0.143%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.101%	$655K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.196%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2108	−0.052%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.273%	$127.6M	$413.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.274%	$85.1M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.269%	$21.0M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.464%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	−0.065%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.540%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2106	−0.170%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	−0.298%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.193%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.345%	$47.7M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	−0.260%	—	$31.6M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2109	long leg	$3.0M	$10.0M	—
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.192%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	−0.018%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	−0.018%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2108	−0.061%	$192K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.478%	$1K	$853K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2106	−0.160%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	−0.070%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.160%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.324%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.174%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2111	+0.067%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2107	−0.104%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2109	−0.042%	$5.2M	$13.3M	10x	as long as short
Hyperliquid ENA	+0.0227%	1h	0.2106	−0.146%	$114.5M	$74.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2106	−0.165%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.141%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.169%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.243%	$865K	$1.7M	50x	as long as short
dYdX ENA-USDshort	+0.1060%	1h	0.2107	−0.136%	$139K	$15K	5x