Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Binance−0.030%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Binance Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.030%, 7d avg +0.012%

Together, before fees−0.137%−$14 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 0.042% cheaper against Binance than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ENAUSDT	0.2101	0.0100	pay 0.0050% / 4h	3h 32m	$127.5M	$414.1M	75x
Short	Polymarket Perps ENA-USD	0.2101	0.0100	get 0.0013% / 1h	32m 09s	$191K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Binance. 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 BinancebpFee Polymarket PerpsbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → +0.012%: −$4.2
Slippage, 4 orders: −$13.05
Fee Binance: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$35.25
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Polymarket Perps: live order book, 2 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 Binance live order book, 12 min ago	0.24 bp	9.1 bp −$9	16.1 bp −$161	58.2 bp −$5,822	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.14 bp	6.1 bp −$6	9.1 bp −$91	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
Backpack ENA_USDC_PERP	−0.0140%	1h	0.2102	+0.017%	$358K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2101	−0.011%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2102	+0.036%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.005%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.045%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2100	−0.054%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2099	−0.116%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.073%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2100	−0.085%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2102	+0.046%	$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	−0.012%	$400K	$513K	10x	as long as short
Binance ENAUSDTlong	+0.0100%	4h	0.2101	long leg	$127.5M	$414.1M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2102	+0.012%	$85.1M	$174.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	+0.003%	$21.0M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.087%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2100	−0.068%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.164%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2101	−0.030%	$11.1M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2101	−0.011%	$45.6M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2102	+0.046%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.064%	$47.7M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2102	+0.008%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2095	−0.326%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.268%	$240K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2097	−0.197%	$352K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.027%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2101	−0.030%	$191K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2049	−2.495%	$983	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.021%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2103	+0.070%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	+0.027%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.012%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	+0.058%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2095	−0.283%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2103	+0.054%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0200%	1h	0.2103	+0.093%	$5.2M	$13.2M	10x	as long as short
Hyperliquid ENA	+0.0262%	1h	0.2102	+0.032%	$114.2M	$74.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2102	+0.011%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.022%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2099	−0.093%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2103	+0.084%	$859K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1066%	1h	0.2101	−0.015%	$139K	$15K	5x	as long as short