Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0484%/8h= −53.0% APRpaid last 24h −0.139%

Price spread now: Orderly against Reya−0.031%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 −$15 a day on $10k at the current rate, and Orderly is 0.031% cheaper against Reya than usual: you would sell low and buy high (−$3 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	0.2115	0.0412	pay 0.0051% / 1h	14m 08s	$1K	$5K	15x
Short	Orderly PERP_ENA_USDC	0.2114	−0.0072	pay 0.0036% / 4h	14m 08s	$44K	$25K	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 −0.031%Rate

Funding earned: −$101.68
Price spread: −0.031% → 0.000%: −$3.09
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$116.77
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
Backpack ENA_USDC_PERP	−0.0132%	1h	0.2117	+0.068%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDCshort	−0.0072%	4h	0.2114	−0.031%	$44K	$25K	10x
01 Exchange ENAUSD	−0.0048%	1h	0.2116	+0.059%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2116	+0.026%	$74K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2116	+0.019%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.390%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.182%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2115	−0.007%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2117	+0.065%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2116	+0.059%	$661K	$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	0.2117	+0.077%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2117	+0.081%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2116	+0.017%	$128.9M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	+0.016%	$85.4M	$175.3M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2116	+0.045%	$21.0M	$104.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.154%	$18K	$319K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2116	+0.040%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2116	+0.031%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2115	+0.016%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.021%	$46.2M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.097%	$24.6M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2114	−0.064%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2116	+0.026%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.027%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.075%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.127%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	+0.229%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2117	+0.083%	$179K	$2.3M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2065	−2.381%	$1K	$848K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	+0.040%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.177%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.040%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2114	−0.032%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.006%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0132%	1h	0.2119	+0.172%	$115.4M	$75.1M	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2118	+0.130%	$5.2M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0175%	1h	0.2115	+0.007%	$140K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2118	+0.133%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.024%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.064%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2115	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	+0.144%	$866K	$1.7M	50x	as long as short