Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.092%

Price spread now: Variational Omni against Reya+0.114%7-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 Variational Omni

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 · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.114% dearer against Reya than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ENARUSDPERP	0.2094	0.0412	pay 0.0051% / 1h	37m 25s	$1K	$5K	15x
Short	Variational Omni ENA	0.2096	0.0100	get 0.0050% / 4h	1h 37m	$3.8M	$10.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.114%Rate

Funding earned: −$65.51
Price spread: +0.114% → 0.000%: $11.44
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$60.07
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	7.15 bp	doesn't fit	16.7 bp −$167	59.6 bp −$5,957	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	−0.0065%	4h	0.2094	+0.004%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0048%	1h	0.2097	+0.167%	$362K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	+0.038%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	+0.040%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.413%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	+0.058%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2096	+0.114%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	+0.057%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	+0.050%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	+0.057%	$658K	$1.8M	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	0.2097	+0.153%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	+0.098%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2095	+0.045%	$129.1M	$460.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2094	+0.009%	$87.1M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2095	+0.061%	$20.3M	$112.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.181%	$21K	$422K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2097	+0.152%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.193%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	+0.014%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2095	+0.052%	$44.9M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2096	+0.114%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2093	−0.044%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2095	+0.081%	—	$32.9M	—	as long as short
Variational Omni ENAshort	+0.0100%	4h	0.2096	+0.114%	$3.8M	$10.4M	—
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.258%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.295%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.295%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2096	+0.095%	$187K	$2.8M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.360%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	+0.009%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.262%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	+0.009%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	+0.044%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	+0.248%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0228% / S −0.0381%	1h	0.2095	+0.061%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2093	−0.020%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2101	+0.362%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2094	long leg	$1K	$5K	15x
Lighter ENA	+0.0504%	1h	0.2098	+0.214%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0557%	1h	0.2098	+0.219%	$110.8M	$79.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.143%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1920%	1h	0.2097	+0.137%	$139K	$15K	5x	as long as short