Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0312%/8h= +34.1% APRpaid last 24h +0.093%

Price spread now: Reya against GRVT−0.382%56s7-day average — · you buy dearer than you sell

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

Long on GRVT 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 airdropGRVT: Active · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.382% cheaper against GRVT than usual: you would sell low and buy high (spread −0.382% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$38 on $10k: about 4.1 days of funding at the current rate (+$9 a day). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ENA_USDT_Perp	0.2125	0.0100	pay 0.0050% / 4h	1h 13m	$358K	$4.9M	10x
Short	Reya ENARUSDPERP	0.2117	0.0412	get 0.0051% / 1h	13m 29s	$1K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against GRVT. 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 GRVTbpFee ReyabpOrdersPrice spread, now −0.382%Rate

Funding earned: $65.47
Price spread: −0.382% → 0.000%: −$38.25
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $12.22
Costs to cover: 0.150%
Break-even: 5.7 days

Slippage unknown: GRVT: live order book, 6 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 GRVT live order book, 6 min ago	2.35 bp	12.4 bp −$12	41.5 bp −$415	doesn't fit	doesn't fit
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	−0.0028%	4h	0.2117	−0.382%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2120	−0.231%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	−0.358%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	−0.376%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.095%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.255%	$55K	$498K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.236%	$665K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	−0.330%	$114.1M	$71.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2118	−0.350%	$1.5M	$3.0M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2120	−0.258%	$414K	$506K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.239%	$129.9M	$417.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2121	−0.217%	$86.7M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2121	−0.189%	$20.8M	$102.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2125	−0.038%	$19K	$351K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.255%	$78K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2120	−0.255%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.259%	$11.1M	$21.5M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2120	−0.240%	$46.0M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.363%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2118	−0.339%	$48.2M	$57.5M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2120	−0.240%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2119	−0.320%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.083%	$3.4M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2125	−0.001%	$245K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perplong	+0.0100%	4h	0.2125	long leg	$358K	$4.9M	10x
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	+0.028%	$22K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	−0.344%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.776%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.443%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	−0.137%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2117	−0.396%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.287%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.318%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−0.372%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2129	+0.169%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2118	−0.339%	$51K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0285%	1h	0.2117	−0.396%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0290%	1h	0.2118	−0.335%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0336%	1h	0.2120	−0.264%	$5.3M	$13.9M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2120	−0.259%	$5.6M	$3.1M	75x	as long as short
Reya ENARUSDPERPshort	+0.0412%	1h	0.2117	−0.382%	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2118	−0.330%	$834K	$1.5M	50x	as long as short