Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h −0.095%

Price spread now: OKX against Reya−0.259%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 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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.259% cheaper against Reya than usual: you would sell low and buy high (−$26 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	25m 16s	$1K	$5K	15x
Short	OKX ENA-USDT-SWAP	0.2106	0.0100	get 0.0050% / 4h	2h 25m	$21.2M	$103.8M	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 −0.259%Rate

Funding earned: −$65.44
Price spread: −0.259% → 0.000%: −$25.87
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$107.31
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	10.0 bp −$10	19.5 bp −$195	99.2 bp −$9,918	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	−0.0142%	4h	0.2111	−0.027%	$44K	$25K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2112	+0.008%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2113	+0.077%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.556%	$522	$57K	5.5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0034%	1h	0.2112	+0.040%	$73K	$1.1M	50x	as long as short
Gate ENA_USDT	+0.0040%	4h	0.2111	−0.031%	$11.1M	$23.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2111	−0.031%	$57K	$467K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2110	−0.077%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2111	−0.041%	$654K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2113	+0.059%	$114.6M	$74.4M	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	0.2110	−0.058%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2108	−0.168%	$395K	$525K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2109	−0.142%	$127.8M	$418.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.245%	$85.3M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2106	−0.259%	$21.2M	$103.8M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.243%	$20K	$323K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2112	+0.016%	$79K	$276K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2108	−0.159%	$46.2M	$41.3M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2113	+0.049%	$24.6M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2111	−0.046%	$47.9M	$57.8M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2112	+0.011%	—	$31.1M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	−0.457%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	−0.256%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2117	+0.259%	$351K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2106	−0.268%	$19K	$651K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2112	−0.003%	$190K	$2.5M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2061	−2.413%	$822	$872K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2111	−0.031%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2117	+0.234%	$267K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2110	−0.079%	$1.8M	$8.9M	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2118	+0.300%	$93K	−$0	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2111	−0.028%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2112	+0.008%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2103	−0.396%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2112	+0.033%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2113	+0.073%	$5.2M	$13.1M	10x	as long as short
dYdX ENA-USD	+0.0298%	1h	0.2107	−0.230%	$139K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2112	+0.015%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2110	−0.074%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2112	long leg	$1K	$5K	15x
Backpack ENA_USDC_PERP	+0.0568%	1h	0.2103	−0.415%	$356K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2123	+0.542%	$869K	$1.7M	50x	as long as short