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 −0.007%

Price spread now: Phemex against Variational Omni+0.364%7-day average +0.046% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.508%+$51 · spread now +0.364%, 7d avg +0.046%

Together, before fees+0.503%+ Points / potential airdropVariational Omni: Active · farm board+$50 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: Phemex is 0.318% dearer against Variational Omni than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2108	0.0100	pay 0.0050% / 4h	2h 18m	$3.0M	$8.3M	—
Short	Phemex ENAUSDT	0.2116	0.0100	get 0.0050% / 4h	2h 18m	$1.9M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.364%Rate

Funding earned: $0
Price spread: +0.364% → +0.046%: $31.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: $19.82
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: live order book, 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 Variational Omni RFQ quote, 4 min ago	4.75 bp	doesn't fit	19.0 bp −$190	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.10 bp	19.2 bp −$19	67.3 bp −$673	doesn't fit	doesn't fit

ENA on 42 exchanges

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
Kraken Futures PF_ENAUSD	−0.0242%	1h	0.2120	+0.545%	$2.6M	$4.2M	50x	as long as short
Orderly PERP_ENA_USDC	−0.0171%	4h	0.2118	+0.454%	$44K	$14K	10x	as long as short
01 Exchange ENAUSD	−0.0152%	1h	0.2118	+0.440%	$4K	$169	10x	as long as short
Bitget ENAUSDT	−0.0028%	4h	0.2116	+0.383%	$47.7M	$58.5M	75x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2114	+0.270%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0026%	1h	0.2122	+0.644%	$734	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2119	+0.516%	$105K	$1.1M	50x	as long as short
Bybit ENAUSDT	+0.0093%	4h	0.2115	+0.341%	$86.4M	$187.9M	50x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.502%	$5.0M	$13.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2119	+0.507%	$57K	$391K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	+0.317%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.426%	$592K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2117	+0.407%	$113.8M	$78.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.380%	$1.3M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2114	+0.272%	$390K	$540K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.354%	$127.6M	$415.7M	75x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.398%	$21.0M	$103.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2114	+0.251%	$33K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.412%	$79K	$239K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	+0.032%	$103K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.383%	$13.7M	$27.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.393%	$42.3M	$43.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.526%	$25.1M	$15.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	+0.369%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2108	long leg	$3.0M	$8.3M	—
edgeX ENAUSDC	+0.0100%	4h	0.2112	+0.158%	$245K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.032%	$362K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	+0.127%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	+0.516%	$167K	$2.7M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2063	−2.164%	$1K	$924K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2119	+0.507%	$6K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.673%	$265K	$827K	50x	as long as short
Phemex ENAUSDTshort	+0.0100%	4h	0.2116	+0.364%	$1.9M	$9.0M	50x
Extended ENA-USD	+0.0104%	1h	0.2119	+0.491%	$1.6M	$4.8M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.486%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0112%	1h	0.2113	+0.203%	$13K	$306K	10x	as long as short
dYdX ENA-USD	+0.0142%	1h	0.2119	+0.503%	$140K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0756%	1h	0.2114	+0.293%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2113	+0.241%	$5.5M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2117	+0.400%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0496%	1h	0.2116	+0.383%	$770K	$2.0M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0526%	1h	0.2118	+0.445%	$411K	$482K	5x	as long as short