Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h −0.093%

Price spread now: KuCoin against Reya−0.046%7-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 KuCoin

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 against this trade now: funding costs −$9 a day on $10k at the current rate, and KuCoin is 0.046% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ENARUSDPERP	0.2109	0.0412	pay 0.0051% / 1h	45m 55s	$1K	$5K	15x
Short	KuCoin ENAUSDTM	0.2108	0.0100	get 0.0050% / 4h	2h 45m	$24.3M	$16.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$65.48
Price spread: −0.046% → 0.000%: −$4.62
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$88.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	3.77 bp	22.0 bp −$22	40.6 bp −$406	doesn't fit	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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2111	+0.096%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2109	+0.042%	$90K	—	150x	as long as short
dYdX ENA-USD	+0.0027%	1h	0.2116	+0.333%	$140K	$15K	5x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2111	+0.101%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.703%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0037%	4h	0.2110	+0.082%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2113	+0.196%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	+0.068%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2109	+0.001%	$695K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2111	+0.111%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2112	+0.157%	$414K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	−0.029%	$131.2M	$445.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.084%	$86.3M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	−0.075%	$20.9M	$108.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	+0.755%	$16K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.162%	$115K	$253K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2110	+0.049%	$10.7M	$20.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.046%	$44.4M	$43.6M	200x	as long as short
KuCoin ENAUSDTMshort	+0.0100%	4h	0.2108	−0.046%	$24.3M	$16.4M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2104	−0.217%	$47.6M	$61.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2109	+0.030%	—	$32.7M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2111	+0.101%	$365K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	+0.024%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2132	+1.101%	$244K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2130	+1.016%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+1.064%	$32K	$691K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2110	+0.049%	$178K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2059	−2.351%	$1K	$845K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2110	+0.068%	$3K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.381%	$274K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2111	+0.115%	$1.9M	$9.4M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.388%	$93K	$4K	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2112	+0.180%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2111	+0.101%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2127	+0.874%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2110	+0.058%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0253%	1h	0.2112	+0.153%	$2.6M	$4.9M	50x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2105	−0.159%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+1.130%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2109	long leg	$1K	$5K	15x
Hyperliquid ENA	+0.0453%	1h	0.2113	+0.191%	$113.8M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	+0.110%	$829K	$1.7M	50x	as long as short