Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Ondo Perps−0.086%7-day average +0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.350%+$35 · spread now −0.086%, 7d avg +0.026%

Together, before fees+0.109%+ Points / potential airdropOndo Perps: Active · farm board+$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 Ondo Perps than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2098	0.0100	pay 0.0013% / 1h	36m 59s	$21K	$422K	5x
Short	Polymarket Perps ENA-USD	0.2096	0.0100	get 0.0013% / 1h	36m 59s	$187K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee Polymarket PerpsbpOrdersPrice spread, now −0.086%Rate

Funding earned: $0
Price spread: −0.086% → +0.026%: −$11.19
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$24.19
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: live order book, 2 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 2 min ago	2.86 bp	6.9 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0065%	4h	0.2094	−0.176%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0055%	1h	0.2095	−0.124%	$361K	$481K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2095	−0.143%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2095	−0.140%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.230%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2095	−0.123%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2096	−0.067%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2095	−0.124%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2095	−0.130%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2095	−0.124%	$658K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2096	−0.077%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2096	−0.083%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.208%	$129.0M	$460.1M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.281%	$87.0M	$191.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.234%	$20.3M	$112.2M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2098	long leg	$21K	$422K	5x
Arcus ENA-USD	+0.0100%	1h	0.2097	−0.029%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.012%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2094	−0.162%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.224%	$44.9M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	−0.157%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.324%	$47.4M	$65.2M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2094	−0.148%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2096	−0.066%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2099	+0.077%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2100	+0.114%	$355K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.114%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2096	−0.086%	$187K	$2.8M	10x
SunX ENA-USDT	+0.0100%	4h	0.2044	−2.536%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2094	−0.172%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	+0.081%	$274K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2094	−0.172%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2095	−0.136%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2099	+0.067%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0228% / S −0.0381%	1h	0.2095	−0.120%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0296%	1h	0.2091	−0.298%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2095	−0.129%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2094	−0.181%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2097	−0.038%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0555%	1h	0.2097	−0.014%	$110.7M	$79.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	−0.038%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1920%	1h	0.2097	−0.044%	$139K	$15K	5x	as long as short