Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0312%/8h= −34.1% APRpaid last 24h −0.094%

Price spread now: BingX against Reya−0.032%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 BingX

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 BingX is 0.032% 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	0.2105	0.0412	pay 0.0051% / 1h	21m 01s	$1K	$5K	15x
Short	BingX ENA-USDC	0.2104	0.0100	get 0.0050% / 4h	3h 21m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$65.45
Price spread: −0.032% → 0.000%: −$3.22
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$84.67
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BingX: live order book, 14 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 BingX live order book, 14 min ago	0.71 bp	19.4 bp −$19	32.5 bp −$325	73.5 bp −$7,348	466.8 bp −$233.4K

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	−0.0117%	4h	0.2105	+0.025%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0109%	1h	0.2105	+0.015%	$359K	$402K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2106	+0.058%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.047%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0024%	1h	0.2105	+0.025%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.875%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2105	+0.001%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2105	+0.023%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.023%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2105	−0.007%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2105	+0.006%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.045%	$127.6M	$413.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2104	−0.061%	$85.0M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.032%	$21.0M	$103.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2102	−0.122%	$22K	$333K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2106	+0.049%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.239%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2104	−0.061%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.065%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	+0.020%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.089%	$47.8M	$57.6M	75x	as long as short
BingX ENA-USDCshort	+0.0100%	4h	0.2104	−0.032%	—	$6.5M	—
Variational Omni ENA	+0.0100%	4h	0.2105	0.000%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2100	−0.234%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	−0.162%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	−0.141%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2106	+0.063%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2048	−2.707%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	+0.001%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.134%	$273K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2105	+0.001%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.088%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.028%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	−0.118%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0167%	1h	0.2105	+0.025%	$114.4M	$74.0M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2106	+0.068%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0184%	1h	0.2106	+0.053%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2106	+0.038%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2104	−0.032%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2105	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2104	−0.042%	$861K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1141%	1h	0.2105	−0.003%	$139K	$15K	5x	as long as short