Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0485%/8h= +53.1% APRpaid last 24h +0.139%

Price spread now: Reya against Orderly−0.214%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Reya

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

Funding pays, the price is against you. Reya is 0.214% cheaper against Orderly than usual: you would sell low and buy high (spread −0.214% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 35 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ENA_USDC	0.2122	−0.0073	get 0.0037% / 4h	13m 24s	$44K	$25K	10x
Short	Reya ENARUSDPERP	0.2117	0.0412	get 0.0051% / 1h	13m 24s	$1K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now −0.214%Rate

Funding earned: $101.81
Price spread: −0.214% → 0.000%: −$21.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $68.38
Costs to cover: 0.120%
Break-even: 2.3 days

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

Orderly and 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	−0.0132%	1h	0.2117	−0.250%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDClong	−0.0073%	4h	0.2122	long leg	$44K	$25K	10x
01 Exchange ENAUSD	−0.0040%	1h	0.2120	−0.080%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	−0.292%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2123	+0.043%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.071%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2118	−0.189%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2118	−0.184%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2119	−0.129%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2119	−0.123%	$662K	$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	0.2120	−0.085%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2119	−0.123%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	−0.004%	$129.3M	$416.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2118	−0.184%	$85.5M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2119	−0.146%	$21.1M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.471%	$18K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.090%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2116	−0.287%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2118	−0.189%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2118	−0.193%	$46.2M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	−0.108%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2116	−0.283%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2121	−0.024%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.345%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−0.321%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2116	−0.278%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2115	−0.325%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2119	−0.123%	$179K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.691%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	−0.278%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	−0.141%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	−0.278%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2119	−0.157%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.324%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0138%	1h	0.2122	+0.001%	$115.6M	$75.1M	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2120	−0.075%	$5.2M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0172%	1h	0.2119	−0.143%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2118	−0.185%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2122	−0.010%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	−0.254%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERPshort	+0.0412%	1h	0.2117	−0.214%	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	−0.174%	$866K	$1.7M	50x	as long as short