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 −0.103%

Price spread now: Bitget against Reya+0.039%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bitget

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

The price spread pays, funding is against you. Bitget is 0.039% dearer against Reya than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ENARUSDPERP	0.2090	0.0412	pay 0.0051% / 1h	52m 41s	$1K	$5K	15x
Short	Bitget ENAUSDT	0.2090	0.0100	get 0.0050% / 4h	1h 52m	$47.3M	$65.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$65.51
Price spread: +0.039% → 0.000%: $3.85
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$79.66
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	0.24 bp	11.5 bp −$12	18.6 bp −$186	39.8 bp −$3,985	doesn't fit

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	−0.0078%	4h	0.2090	+0.039%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0008%	1h	0.2091	+0.072%	$361K	$484K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2091	+0.072%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2091	+0.052%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.618%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2091	+0.072%	$4K	$432	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2091	+0.056%	$2.6M	$5.6M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2091	+0.067%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2091	+0.062%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2091	+0.082%	$656K	$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	0.2092	+0.110%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	+0.151%	$405K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2092	+0.127%	$128.7M	$463.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	+0.106%	$87.0M	$193.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	+0.153%	$20.2M	$113.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.417%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2091	+0.067%	$82K	$223K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2091	+0.043%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2090	+0.029%	$45.0M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	+0.086%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2090	+0.039%	$47.3M	$65.5M	75x
BingX ENA-USDC	+0.0100%	4h	0.2091	+0.043%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	+0.166%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	+0.311%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.323%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2097	+0.354%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2092	+0.091%	$189K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2040	−2.378%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2091	+0.067%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2094	+0.206%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.028%	$1.9M	$9.2M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.293%	$88K	$2K	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2091	+0.067%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	+0.134%	$5K	$356K	10x	as long as short
Extended ENA-USD	+0.0208%	1h	0.2090	+0.003%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0218% / S −0.0357%	1h	0.2090	+0.029%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2090	+0.005%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2090	long leg	$1K	$5K	15x
Lighter ENA	+0.0520%	1h	0.2095	+0.259%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0543%	1h	0.2095	+0.249%	$110.3M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	+0.225%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1806%	1h	0.2091	+0.081%	$138K	$15K	5x	as long as short