Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h −0.095%

Price spread now: OKX against Reya+0.033%47s7-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 OKX

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. OKX is 0.033% dearer against Reya than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 47 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	0.2107	0.0412	pay 0.0051% / 1h	49m 36s	$1K	$5K	15x
Short	OKX ENA-USDT-SWAP	0.2108	0.0100	get 0.0050% / 4h	3h 49m	$21.0M	$103.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$65.45
Price spread: +0.033% → 0.000%: $3.25
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$78.2
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: 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 OKX live order book, 4 min ago	0.24 bp	10.6 bp −$11	22.3 bp −$223	87.5 bp −$8,746	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
Backpack ENA_USDC_PERP	−0.0233%	1h	0.2109	+0.118%	$362K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2107	+0.014%	$44K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2108	+0.052%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2108	+0.058%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.778%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2108	+0.033%	$4K	$302	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2110	+0.132%	$5.2M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2107	−0.001%	$56K	$464K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2107	−0.008%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2107	−0.003%	$655K	$1.7M	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	0.2108	+0.039%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	+0.054%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2107	+0.014%	$128.2M	$415.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.015%	$85.2M	$175.0M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2108	+0.033%	$21.0M	$103.7M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2105	−0.072%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.047%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.395%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	+0.014%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	+0.014%	$45.9M	$40.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2109	+0.080%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2106	−0.043%	$47.9M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2107	+0.014%	—	$32.2M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.160%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2114	+0.322%	$244K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	+0.424%	$355K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	+0.521%	$20K	$649K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2109	+0.085%	$177K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2057	−2.388%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2109	+0.094%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.199%	$273K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2109	+0.094%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.052%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2108	+0.032%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2115	+0.398%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2109	+0.108%	$2.6M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0286%	1h	0.2108	+0.046%	$139K	$15K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2108	+0.045%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	+0.123%	$5.6M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0365%	1h	0.2111	+0.178%	$115.0M	$74.0M	10x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2107	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.313%	$864K	$1.7M	50x	as long as short