Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0312%/8h= +34.1% APRpaid last 24h +0.093%

Price spread now: Reya against Variational Omni+1.045%7-day average — · you sell dearer than you buy

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

Long on Variational Omni 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 airdropVariational Omni: Active · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Reya is 1.045% dearer against Variational Omni than usual: you sell high and buy low: +$105 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ENA	0.2123	0.0100	pay 0.0050% / 4h	3h 27m	$3.8M	$10.1M	—
Short	Reya ENARUSDPERP	0.2146	0.0412	get 0.0051% / 1h	27m 12s	$1K	$5K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Variational Omni. 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 Variational OmnibpFee ReyabpOrdersPrice spread, now +1.045%Rate

Funding earned: $65.49
Price spread: +1.045% → 0.000%: $104.54
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $164.03
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; 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 Variational Omni RFQ quote, 2 min ago	4.69 bp	doesn't fit	14.1 bp −$141	61.0 bp −$6,100	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2144	+0.988%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	+1.021%	$98K	—	150x	as long as short
dYdX ENA-USD	+0.0024%	1h	0.2139	+0.758%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0033%	4h	0.2144	+0.983%	$41K	$23K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.004%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0058%	1h	0.2140	+0.786%	$380K	$416K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2145	+1.021%	$63K	$520K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2146	+1.052%	$712K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	+1.003%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2141	+0.846%	$421K	$549K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2145	+1.044%	$133.2M	$444.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2145	+1.016%	$88.6M	$187.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2144	+0.960%	$21.0M	$110.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2141	+0.814%	$15K	$409K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2145	+1.021%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	+0.927%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2145	+1.040%	$10.9M	$21.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2146	+1.078%	$46.1M	$44.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	+1.129%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2144	+0.993%	$48.6M	$61.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2145	+1.016%	—	$6.5M	—	as long as short
Variational Omni ENAlong	+0.0100%	4h	0.2123	long leg	$3.8M	$10.1M	—
edgeX ENAUSDC	+0.0100%	4h	0.2136	+0.585%	$250K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.016%	$357K	$4.7M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2140	+0.786%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2146	+1.082%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2095	−1.320%	$1K	$829K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	+1.068%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2152	+1.355%	$279K	$1.2M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	+1.021%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2140	+0.792%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2144	+0.984%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2144	+0.950%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0216%	1h	0.2147	+1.092%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	+1.119%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0272%	1h	0.2145	+1.020%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0332% / S −0.0430%	1h	0.2144	+0.990%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2146	+1.082%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERPshort	+0.0412%	1h	0.2146	+1.045%	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2143	+0.946%	$848K	$1.8M	50x	as long as short
Lighter ENA	+0.0736%	1h	0.2149	+1.200%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0745%	1h	0.2149	+1.214%	$115.9M	$75.4M	10x	as long as short