Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.097%

Price spread now: Reya against Gate−0.079%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.079% cheaper against Gate than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 20 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ENA_USDT	0.2099	0.0100	pay 0.0050% / 4h	1h 42m	$10.5M	$21.2M	50x
Short	Reya ENARUSDPERP	0.2098	0.0412	get 0.0051% / 1h	42m 47s	$1K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Gate. 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 GatebpFee ReyabpOrdersPrice spread, now −0.079%Rate

Funding earned: $65.51
Price spread: −0.079% → 0.000%: −$7.94
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Reya: 3 bp × 2 orders: −$6
Net: $36.57
Costs to cover: 0.210%
Break-even: 3.1 days

Slippage unknown: Gate: live order book, 1 min ago; Reya: no order-book sample. 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 Gate live order book, 1 min ago	5.96 bp	14.3 bp −$14	34.9 bp −$349	59.8 bp −$5,984	96.2 bp −$48.1K
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Orderly PERP_ENA_USDC	−0.0069%	4h	0.2096	−0.143%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0035%	1h	0.2098	−0.043%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2097	−0.105%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.098%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.153%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2098	−0.052%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2099	+0.014%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2098	−0.057%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2099	−0.004%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2097	−0.095%	$658K	$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
Aster ENAUSDT	+0.0100%	4h	0.2100	+0.057%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2099	+0.010%	$406K	$582K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	+0.034%	$129.3M	$461.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2099	−0.029%	$87.3M	$192.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.024%	$20.3M	$112.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.500%	$21K	$413K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	+0.038%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.435%	$88K	$1K	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2099	long leg	$10.5M	$21.2M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2100	+0.024%	$45.1M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2099	−0.024%	$24.0M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.057%	$47.6M	$65.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	+0.019%	—	$32.9M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2089	−0.488%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2094	−0.262%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	−0.194%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.152%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2099	−0.005%	$188K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.491%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2097	−0.105%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2101	+0.091%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2096	−0.152%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.114%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2097	−0.086%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0224% / S −0.0372%	1h	0.2096	−0.137%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0280%	1h	0.2099	−0.008%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.024%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERPshort	+0.0412%	1h	0.2098	−0.079%	$1K	$5K	15x
Lighter ENA	+0.0488%	1h	0.2102	+0.143%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0568%	1h	0.2104	+0.224%	$111.1M	$79.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	−0.114%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1892%	1h	0.2098	−0.078%	$139K	$15K	5x	as long as short