Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.092%

Price spread now: edgeX against Reya−0.411%65s7-day average — · you buy dearer than you sell

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

Long on Reya Short on edgeX

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 · edgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and edgeX is 0.411% cheaper against Reya than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	Reya ENARUSDPERP	0.2125	0.0412	pay 0.0051% / 1h	50m 00s	$1K	$5K	15x
Short	edgeX ENAUSDC	0.2116	0.0100	get 0.0050% / 4h	50m 00s	$251K	$7.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.411%Rate

Funding earned: −$65.5
Price spread: −0.411% → 0.000%: −$41.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$121.57
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; edgeX: 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 Reya no order-book sample	—	—	—	—	—
Sell edgeX live order book, 4 min ago	9.42 bp	13.9 bp −$14	15.4 bp −$154	46.4 bp −$4,638	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	−0.0029%	4h	0.2125	+0.004%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2126	+0.060%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2126	+0.037%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.062%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0053%	1h	0.2127	+0.098%	$375K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	+0.013%	$63K	$525K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2125	+0.037%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2126	+0.054%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.006%	$411K	$573K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	+0.101%	$131.5M	$455.6M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2127	+0.088%	$89.3M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.136%	$20.6M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	+0.168%	$15K	$403K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.060%	$84K	$221K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2125	+0.035%	$90K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2125	+0.032%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2127	+0.112%	$47.0M	$45.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2128	+0.168%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	+0.051%	$48.2M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2125	+0.037%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2124	−0.039%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDCshort	+0.0100%	4h	0.2116	−0.411%	$251K	$7.6M	20x
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.410%	$351K	$4.6M	10x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2126	+0.051%	$179K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2074	−2.368%	$1K	$822K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2125	+0.013%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2136	+0.540%	$277K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2125	+0.013%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	+0.017%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2126	+0.056%	$78K	$11K	3x	as long as short
ApeX Omni ENAUSDT	+0.0131%	1h	0.2128	+0.154%	$32K	$712K	50x	as long as short
01 Exchange ENAUSD	+0.0160%	1h	0.2127	+0.121%	$4K	$312	10x	as long as short
Phoenix ENA	+0.0189%	1h	0.2115	−0.439%	$6K	$347K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2126	+0.060%	$2.7M	$5.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2125	+0.017%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2124	−0.024%	$5.6M	$8.1M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2126	+0.083%	$1.6M	$4.2M	50x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2125	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2135	+0.460%	$843K	$2.1M	50x	as long as short
Lighter ENA	+0.0592%	1h	0.2128	+0.173%	$5.7M	$12.8M	10x	as long as short
Hyperliquid ENA	+0.0765%	1h	0.2130	+0.230%	$114.4M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1677%	1h	0.2125	+0.027%	$140K	$15K	5x	as long as short