Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.042%

Price spread now: Polymarket Perps against Backpack−0.084%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 4 days (all we have)+0.385%+$38 · spread now −0.084%, 7d avg +0.028%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.112% cheaper against Backpack than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2147	0.0100	pay 0.0013% / 1h	21m 17s	$382K	$414K	5x
Short	Polymarket Perps ENA-USD	0.2145	0.0100	get 0.0013% / 1h	21m 17s	$185K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Backpack. 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 BackpackbpFee Polymarket PerpsbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → +0.028%: −$11.15
Slippage, 4 orders: −$10.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$39.49
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Backpack: live order book, 52 min ago; Polymarket Perps: live order book, 3 min ago.

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 Backpack live order book, 52 min ago	0.23 bp	9.4 bp −$9	38.7 bp −$387	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	1.40 bp	5.4 bp −$5	6.8 bp −$68	doesn't fit	doesn't fit

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	0.2146	−0.014%	$80K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2145	−0.073%	$103K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−1.085%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0034%	4h	0.2145	−0.084%	$41K	$23K	10x	as long as short
dYdX ENA-USD	+0.0038%	1h	0.2145	−0.096%	$142K	$15K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2144	−0.126%	$63K	$518K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2144	−0.130%	$710K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	−0.075%	$1.6M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2145	−0.070%	$421K	$549K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2145	−0.084%	$133.2M	$444.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2145	−0.070%	$88.5M	$187.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2145	−0.084%	$21.1M	$110.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2145	−0.065%	$16K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2146	−0.033%	$106K	$242K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2143	−0.172%	$90K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2145	−0.102%	$10.9M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2145	−0.089%	$45.8M	$44.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2147	0.000%	$24.7M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2145	−0.098%	$48.6M	$61.4M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2145	−0.079%	—	$32.6M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2147	long leg	$382K	$414K	5x
Variational Omni ENA	+0.0100%	4h	0.2144	−0.103%	$3.9M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2144	−0.116%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2155	+0.387%	$363K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2146	−0.033%	$33K	$688K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2145	−0.084%	$185K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2094	−2.460%	$1K	$832K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2146	−0.033%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2150	+0.149%	$279K	$1.1M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2145	−0.079%	$2.0M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2144	−0.115%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2146	−0.034%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2147	+0.033%	$8K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0200%	1h	0.2144	−0.107%	$4K	$302	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0233%	1h	0.2147	+0.031%	$2.7M	$5.1M	50x	as long as short
Extended ENA-USD	+0.0320%	1h	0.2145	−0.060%	$1.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0333% / S −0.0430%	1h	0.2145	−0.081%	$81K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2147	+0.019%	$5.6M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2144	−0.106%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0608%	1h	0.2150	+0.149%	$852K	$1.8M	50x	as long as short
Lighter ENA	+0.0704%	1h	0.2147	+0.019%	$5.7M	$12.6M	10x	as long as short
Hyperliquid ENA	+0.0767%	1h	0.2149	+0.098%	$116.1M	$74.1M	10x	as long as short