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: Paradex against Reya−0.130%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 Paradex

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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Paradex is 0.130% cheaper against Reya than usual: you would sell low and buy high (−$13 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	0.2112	0.0412	pay 0.0051% / 1h	4m 46s	$1K	$5K	15x
Short	Paradex ENA-USD-PERP	0.2110	0.0100	get 0.0100% / 8h	6h 04m	$47K	$110	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$65.45
Price spread: −0.130% → 0.000%: −$13
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$88.45
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Reya and Paradex: 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 41 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	0.2113	+0.024%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	+0.006%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2114	+0.075%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.521%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2112	−0.018%	$44K	$27K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2110	−0.113%	$54K	$507K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2110	−0.122%	$678K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2114	+0.082%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2111	−0.047%	$412K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.223%	$130.2M	$433.9M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2119	+0.289%	$86.7M	$180.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	+0.304%	$20.8M	$105.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	+0.166%	$19K	$382K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2111	−0.066%	$78K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.137%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	+0.218%	$11.0M	$21.9M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	+0.214%	$44.8M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.204%	$24.5M	$16.0M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2117	+0.204%	$48.2M	$59.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2117	+0.199%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2114	+0.091%	$381K	$371K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2114	+0.085%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.306%	$246K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	−0.385%	$355K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.302%	$32K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2113	+0.024%	$183K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2062	−2.371%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2113	+0.029%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2114	+0.067%	$275K	$812K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2112	−0.018%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2110	−0.130%	$47K	$110	10x
01 Exchange ENAUSD	+0.0104%	1h	0.2110	−0.099%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	−0.024%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2115	+0.139%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2118	+0.247%	$7K	$351K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0206%	1h	0.2112	−0.002%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0252%	1h	0.2114	+0.097%	$2.7M	$4.3M	50x	as long as short
Lighter ENA	+0.0384%	1h	0.2116	+0.162%	$5.5M	$13.8M	10x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2112	long leg	$1K	$5K	15x
Hyperliquid ENA	+0.0472%	1h	0.2121	+0.412%	$114.0M	$71.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2116	+0.157%	$830K	$1.6M	50x	as long as short