Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.139%

Price spread now: Orderly against Reya−0.023%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 Orderly

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 −$12 a day on $10k at the current rate, and Orderly is 0.023% cheaper against Reya than usual: you would sell low and buy high (−$2 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	0.2117	0.0412	pay 0.0051% / 1h	35m 02s	$1K	$5K	15x
Short	Orderly PERP_ENA_USDC	0.2116	−0.0003	pay 0.0001% / 4h	1h 35m	$44K	$26K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.023%Rate

Funding earned: −$87.07
Price spread: −0.023% → 0.000%: −$2.27
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$101.35
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and Orderly: 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_USDCshort	−0.0003%	4h	0.2116	−0.023%	$44K	$26K	10x
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2118	+0.067%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2117	+0.025%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2116	−0.051%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.313%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.084%	$55K	$497K	50x	as long as short
dYdX ENA-USD	+0.0099%	1h	0.2113	−0.166%	$140K	$15K	5x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2115	−0.089%	$683K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2121	+0.190%	$114.0M	$71.3M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	+0.118%	$1.5M	$3.0M	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	0.2114	−0.113%	$413K	$511K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	+0.077%	$130.0M	$420.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2117	+0.001%	$86.8M	$175.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.001%	$20.8M	$102.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	−0.519%	$19K	$359K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2115	−0.084%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	−0.084%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2119	+0.105%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	+0.114%	$45.6M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2119	+0.081%	$24.7M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.108%	$48.2M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2119	+0.091%	—	$32.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2120	+0.152%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	−0.186%	$3.4M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.492%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2110	−0.324%	$354K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2111	−0.273%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.001%	$184K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2064	−2.475%	$1K	$840K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	+0.058%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2122	+0.270%	$277K	$780K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.152%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2115	−0.106%	$47K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.081%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	+0.037%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2107	−0.457%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2118	+0.044%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2119	+0.124%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	+0.067%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0376%	1h	0.2121	+0.218%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2117	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2114	−0.146%	$831K	$1.5M	50x	as long as short