Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0312%/8hpaid last 24h −0.090%

Price spread now: Paradex against Reya−0.222%47s7-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 0.222% cheaper against Reya than usual: you would sell low and buy high (−$22 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ENARUSDPERP	0.2126	0.0412	pay 0.0052% / 1h	23m 46s	$1K	$5K	15x
Short	Paradex ENA-USD-PERP	0.2122	0.0100	get 0.0100% / 8h	4h 23m	$47K	$221	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 −0.222%Rate

Funding earned: −$65.55
Price spread: −0.222% → 0.000%: −$22.23
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$97.78
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 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	−0.0303%	1h	0.2126	+0.003%	$367K	$498K	5x	as long as short
Kraken Futures PF_ENAUSD	−0.0223%	1h	0.2128	+0.067%	$2.7M	$6.1M	50x	as long as short
Injective ENA/USDC PERP	−0.0223%	1h	0.2123	−0.133%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	−0.0141%	4h	0.2126	−0.020%	$42K	$22K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2129	+0.107%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	+0.064%	$94K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2128	+0.083%	$98K	—	150x	as long as short
Phemex ENAUSDT	+0.0022%	4h	0.2126	−0.011%	$1.9M	$9.5M	50x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	−0.359%	$5K	$392K	10x	as long as short
Bitget ENAUSDT	+0.0086%	4h	0.2120	−0.293%	$48.3M	$66.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ENAUSDT	+0.0096%	1h	0.2127	+0.036%	$59K	$564K	50x	as long as short
Paradex ENA-USD-PERPshort	+0.0100%	8h	0.2122	−0.222%	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2126	+0.013%	$656K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2126	−0.002%	$112.1M	$79.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2127	+0.043%	$1.6M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2122	−0.181%	$407K	$618K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2121	−0.227%	$131.0M	$477.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2120	−0.270%	$89.6M	$198.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	−0.218%	$20.4M	$120.0M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.022%	$20K	$473K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2130	+0.177%	$85K	$216K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2114	−0.552%	$89K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2124	−0.119%	$10.6M	$23.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	−0.161%	$45.2M	$53.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2122	−0.199%	$23.4M	$16.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2122	−0.208%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2126	−0.028%	$3.7M	$9.9M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.281%	$254K	$8.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.528%	$363K	$4.5M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.481%	$31K	$717K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2128	+0.093%	$188K	$3.2M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.372%	$1K	$783K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.011%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2130	+0.187%	$275K	$1.7M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2124	−0.098%	$1.7M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	+0.050%	$78K	$11K	3x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0163% / S −0.0217%	1h	0.2128	+0.062%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2129	+0.149%	$5.7M	$8.4M	75x	as long as short
Lighter ENA	+0.0400%	1h	0.2125	−0.044%	$5.8M	$13.8M	10x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2126	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2131	+0.229%	$818K	$2.4M	50x	as long as short
dYdX ENA-USD	+0.5813%	1h	0.2123	−0.140%	$140K	$12K	5x	as long as short