Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against BingX−0.005%7-day average +0.035% · 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−$31as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 7 days+0.090%+$9 · spread now −0.005%, 7d avg +0.035%

Together, before fees−0.161%−$16 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 0.040% cheaper against BingX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ENA-USDT	0.2105	0.0100	pay 0.0050% / 4h	2h 55m	—	$32.2M	—
Short	Polymarket Perps ENA-USD	0.2105	0.0100	get 0.0013% / 1h	55m 18s	$183K	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BingX. 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 BingXbpFee Polymarket PerpsbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0
Price spread: −0.005% → +0.035%: −$4.02
Slippage, 4 orders: −$9.41
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$31.43
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from BingX: live order book, 13 min ago; Polymarket Perps: live order book, 4 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 BingX live order book, 13 min ago	0.71 bp	7.1 bp −$7	8.9 bp −$89	12.2 bp −$1,220	23.9 bp −$11.9K
Sell Polymarket Perps live order book, 4 min ago	2.13 bp	8.5 bp −$8	9.6 bp −$96	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	−0.0531%	1h	0.2101	−0.195%	$362K	$487K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0096%	4h	0.2106	+0.033%	$41K	$24K	10x	as long as short
01 Exchange ENAUSD	−0.0056%	1h	0.2102	−0.166%	$4K	$432	10x	as long as short
Gate ENA_USDT	−0.0014%	4h	0.2105	−0.033%	$10.4M	$21.4M	50x	as long as short
Phoenix ENA	0.0000%	1h	0.2107	+0.066%	$5K	$394K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.242%	$93K	$1.9M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2106	+0.024%	$97K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.850%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.119%	$59K	$547K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.152%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.081%	$656K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	−0.071%	$1.5M	$3.5M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2104	−0.085%	$404K	$604K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2105	−0.037%	$130.7M	$472.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2106	+0.024%	$88.6M	$195.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2107	+0.052%	$20.2M	$116.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2106	+0.014%	$19K	$446K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	−0.071%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2108	+0.099%	$89K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	−0.090%	$45.4M	$48.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.043%	$24.3M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2103	−0.138%	$47.7M	$67.3M	75x	as long as short
BingX ENA-USDTlong	+0.0100%	4h	0.2105	long leg	—	$32.2M	—
Variational Omni ENA	+0.0100%	4h	0.2107	+0.064%	$3.6M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.002%	$252K	$8.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2105	−0.001%	$362K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2105	−0.024%	$32K	$714K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2105	−0.005%	$183K	$3.0M	10x
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.498%	$1K	$808K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2101	−0.214%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2111	+0.247%	$274K	$1.6M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2101	−0.214%	$1.8M	$9.3M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0104%	1h	0.2103	−0.127%	$2.7M	$5.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.114%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	+0.046%	$77K	$11K	3x	as long as short
Lighter ENA	+0.0136%	1h	0.2106	+0.033%	$5.7M	$13.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0210% / S −0.0158%	1h	0.2105	−0.001%	$50K	—	100x	as long as short
Hyperliquid ENA	+0.0237%	1h	0.2107	+0.081%	$111.9M	$81.4M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	+0.033%	$5.6M	$8.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.091%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2108	+0.109%	$806K	$2.2M	50x	as long as short
dYdX ENA-USD	+0.5900%	1h	0.2104	−0.067%	$139K	$12K	5x	as long as short