Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0480%/8h= +52.6% APRpaid last 24h +0.139%

Price spread now: Reya against Orderly+0.056%7-day average — · you sell dearer than you buy

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

Long on Orderly 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

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Reya is 0.056% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2117	−0.0069	get 0.0034% / 4h	25m 08s	$44K	$25K	10x
Short	Reya ENARUSDPERP	0.2118	0.0412	get 0.0051% / 1h	25m 08s	$1K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now +0.056%Rate

Funding earned: $100.86
Price spread: +0.056% → 0.000%: $5.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $94.41
Costs to cover: 0.120%
Break-even: 0.4 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and 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
Backpack ENA_USDC_PERP	−0.0197%	1h	0.2115	−0.052%	$365K	$396K	5x	as long as short
01 Exchange ENAUSD	−0.0080%	1h	0.2116	−0.005%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDClong	−0.0069%	4h	0.2117	long leg	$44K	$25K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2117	+0.019%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.017%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.326%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.094%	$8K	$266K	10x	as long as short
dYdX ENA-USD	+0.0089%	1h	0.2116	−0.028%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2119	+0.094%	$5.2M	$13.5M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.024%	$56K	$476K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	−0.058%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	+0.020%	$653K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2118	+0.057%	$115.3M	$75.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.105%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.014%	$405K	$516K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	−0.001%	$128.9M	$416.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.057%	$85.4M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2115	−0.071%	$20.8M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2115	−0.047%	$18K	$316K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	−0.024%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2093	−1.110%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	−0.066%	$11.1M	$22.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	−0.024%	$46.2M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.043%	$24.7M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	−0.170%	$48.0M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2115	−0.066%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2116	−0.007%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.038%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2114	−0.099%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2117	+0.024%	$20K	$647K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2118	+0.090%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.429%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2117	+0.024%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.113%	$274K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2115	−0.071%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.003%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.052%	$74K	$4K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.034%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2117	+0.014%	$51K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.057%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERPshort	+0.0412%	1h	0.2118	+0.056%	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2122	+0.283%	$867K	$1.6M	50x	as long as short