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% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Paradex+0.158%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.158% dearer against Paradex than usual: you sell high and buy low, +$16 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2102	0.0100	pay 0.0100% / 8h	1h 09m	$47K	$221	10x
Short	Polymarket Perps ENA-USD	0.2106	0.0100	get 0.0013% / 1h	9m 33s	$177K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Paradex. 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 ParadexbpFee Polymarket PerpsbpOrdersPrice spread, now +0.158%Rate

Funding earned: $0
Price spread: +0.158% → 0.000%: $15.82
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $3.82
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Polymarket Perps: live order book, 4 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 Paradex no order-book sample	—	—	—	—	—
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

Paradex: 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	−0.0042%	4h	0.2097	−0.260%	$41K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0025%	1h	0.2099	−0.142%	$371K	$447K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2098	−0.222%	$91K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2097	−0.237%	$101K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.005%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2099	−0.159%	$2.6M	$5.5M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2104	+0.082%	$62K	$530K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2102	long leg	$47K	$221	10x
Nado ENA-PERP	+0.0100%	1h	0.2104	+0.099%	$662K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.067%	$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	+0.034%	$407K	$575K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	+0.096%	$129.9M	$454.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2105	+0.111%	$87.7M	$190.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2105	+0.153%	$20.3M	$111.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2099	−0.175%	$15K	$397K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.082%	$82K	$220K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2099	−0.143%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2103	+0.034%	$10.5M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	+0.034%	$46.7M	$47.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	+0.034%	$24.0M	$16.3M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2104	+0.068%	$47.6M	$64.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2104	+0.068%	—	$32.8M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	−0.243%	$3.8M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2098	−0.209%	$249K	$7.7M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	−0.312%	$350K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2096	−0.298%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2106	+0.158%	$177K	$2.6M	10x
SunX ENA-USDT	+0.0100%	4h	0.2047	−2.644%	$1K	$816K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2098	−0.203%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2099	−0.132%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2097	−0.251%	$1.9M	$9.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2097	−0.227%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2098	−0.208%	$5K	$356K	10x	as long as short
01 Exchange ENAUSD	+0.0144%	1h	0.2105	+0.134%	$4K	$312	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0245% / S −0.0422%	1h	0.2096	−0.287%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2099	−0.175%	$5.5M	$8.0M	75x	as long as short
Extended ENA-USD	+0.0344%	1h	0.2103	+0.057%	$1.6M	$4.1M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2105	+0.128%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2106	+0.158%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2100	−0.103%	$827K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0587%	1h	0.2106	+0.158%	$111.2M	$78.5M	10x	as long as short
dYdX ENA-USD	+0.1983%	1h	0.2102	+0.009%	$139K	$15K	5x	as long as short