Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against MEXC−0.290%49s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.137% of the position

Long on MEXC Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 7 days+0.380%+$38 · spread now −0.290%, 7d avg +0.020%

Together, before fees+0.168%+$17 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 0.310% cheaper against MEXC than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.020%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ENA_USDT	0.2103	0.0100	pay 0.0050% / 4h	1h 09m	$46.7M	$47.0M	200x
Short	Polymarket Perps ENA-USD	0.2097	0.0100	get 0.0013% / 1h	9m 40s	$176K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against MEXC. 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 MEXCbpFee Polymarket PerpsbpOrdersPrice spread, now −0.290%Rate

Funding earned: $0
Price spread: −0.290% → +0.020%: −$30.98
Slippage, 4 orders: −$5.71
Fee MEXC: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$44.69
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.24 bp	1.3 bp −$1	5.7 bp −$57	40.5 bp −$4,052	73.1 bp −$36.5K
Sell Polymarket Perps live order book, 4 min ago	1.67 bp	5.7 bp −$6	8.6 bp −$86	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	−0.0042%	4h	0.2097	−0.295%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0025%	1h	0.2099	−0.176%	$371K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.257%	$91K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.271%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.970%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	−0.194%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2096	−0.333%	$61K	$530K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.034%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2098	−0.235%	$660K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	+0.024%	$1.5M	$3.3M	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	0.2103	0.000%	$407K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.038%	$129.7M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	−0.014%	$87.6M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	+0.029%	$20.3M	$111.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.209%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.048%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.178%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.038%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDTlong	+0.0100%	4h	0.2103	long leg	$46.7M	$47.0M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	0.000%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.024%	$47.5M	$64.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	−0.005%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.277%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2096	−0.352%	$249K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.346%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.333%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2097	−0.290%	$176K	$2.6M	10x
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.677%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.238%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	−0.166%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.285%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.262%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.243%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2097	−0.262%	$4K	$332	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0245% / S −0.0422%	1h	0.2096	−0.321%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.209%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2103	−0.018%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2096	−0.344%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2106	+0.124%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.138%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2106	+0.124%	$111.2M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	−0.025%	$139K	$15K	5x	as long as short