Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Polymarket Perps against Bybit−0.033%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 on $10k

Price spread, last 7 days+0.167%+$17 · spread now −0.033%, 7d avg +0.049%

Together, before fees+0.009%+$1 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 0.082% cheaper against Bybit than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ENAUSDT	0.2128	0.0100	pay 0.0050% / 4h	27m 15s	$89.4M	$189.8M	50x
Short	Polymarket Perps ENA-USD	0.2128	0.0100	get 0.0013% / 1h	27m 15s	$179K	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → +0.049%: −$8.23
Slippage, 4 orders: −$16.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$43.63
Costs to cover: 0.354%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.24 bp	9.9 bp −$10	15.8 bp −$158	51.8 bp −$5,179	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	4.00 bp	8.0 bp −$8	16.4 bp −$164	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
Orderly PERP_ENA_USDC	−0.0011%	4h	0.2127	−0.056%	$41K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2128	−0.023%	$93K	$1.7M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2128	−0.037%	$106K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.235%	$522	$57K	5.5x	as long as short
Backpack ENA_USDC_PERP	+0.0048%	1h	0.2130	+0.056%	$376K	$447K	5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2125	−0.160%	$61K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2126	−0.103%	$681K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	+0.005%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2125	−0.160%	$411K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	−0.024%	$131.7M	$452.8M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDTlong	+0.0100%	4h	0.2128	long leg	$89.4M	$189.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.019%	$20.6M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2123	−0.273%	$15K	$405K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2125	−0.160%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.559%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2128	0.000%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2128	0.000%	$46.7M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2129	+0.019%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2127	−0.066%	$48.2M	$64.0M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2128	−0.019%	—	$32.6M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.437%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2116	−0.581%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	−0.396%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2118	−0.489%	$32K	$709K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2128	−0.033%	$179K	$2.5M	10x
SunX ENA-USDT	+0.0100%	4h	0.2076	−2.471%	$1K	$825K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2127	−0.066%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.028%	$277K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2128	−0.019%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.166%	$48K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2128	−0.030%	$78K	$11K	3x	as long as short
Phoenix ENA	+0.0189%	1h	0.2118	−0.489%	$7K	$347K	10x	as long as short
01 Exchange ENAUSD	+0.0192%	1h	0.2126	−0.094%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2127	−0.079%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0240%	1h	0.2128	−0.003%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2127	−0.056%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.052%	$5.6M	$6.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2127	−0.080%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2131	+0.108%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2131	+0.103%	$841K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0779%	1h	0.2132	+0.183%	$114.8M	$78.9M	10x	as long as short
dYdX ENA-USD	+0.1734%	1h	0.2126	−0.125%	$140K	$15K	5x	as long as short