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 −0.096%

Price spread now: Bybit against Reya−0.017%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 Bybit

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ENARUSDPERP	0.2100	0.0412	pay 0.0051% / 1h	24m 26s	$1K	$5K	15x
Short	Bybit ENAUSDT	0.2100	0.0100	get 0.0050% / 4h	3h 24m	$84.9M	$174.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$65.45
Price spread: −0.017% → 0.000%: −$1.7
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.15
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.24 bp	10.3 bp −$10	19.6 bp −$196	67.0 bp −$6,698	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
Backpack ENA_USDC_PERP	−0.0118%	1h	0.2102	+0.121%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0111%	4h	0.2099	−0.027%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	+0.012%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	+0.032%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2101	+0.069%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.116%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	+0.050%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	+0.020%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	+0.059%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.092%	$1.4M	$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	0.2101	+0.062%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2101	+0.035%	$127.4M	$413.3M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2100	−0.017%	$84.9M	$174.4M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2100	+0.026%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	+0.407%	$22K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.097%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.093%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2100	+0.012%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	+0.031%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.088%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2098	−0.079%	$47.6M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	+0.026%	—	$31.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.009%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.113%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.327%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.097%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2101	+0.064%	$191K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.379%	$943	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	+0.002%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.250%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	+0.050%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.057%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.018%	$73K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2102	+0.121%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	+0.054%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0193%	1h	0.2102	+0.116%	$114.3M	$73.9M	10x	as long as short
Lighter ENA	+0.0208%	1h	0.2103	+0.126%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2101	+0.037%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.088%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERPlong	+0.0412%	1h	0.2100	long leg	$1K	$5K	15x
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.340%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1103%	1h	0.2101	+0.040%	$139K	$15K	5x	as long as short