ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRnext payment −$0.11 per $10,000 · paid last 24h −0.010%

Price spread now: Polymarket Perps against Phoenix−0.033%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.335%−$34 on $10k

Price spread, last 3 days (all we have)+0.091%+$9 · spread now −0.033%, 7d avg −0.056%

Together, before fees−0.244%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.022% dearer against Phoenix than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.056%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2118	0.0189	pay 0.0024% / 1h	28m 54s	$7K	$347K	10x
Short	Polymarket Perps ENA-USD	0.2117	0.0100	get 0.0013% / 1h	28m 54s	$178K	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. 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 PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$18.59
Price spread: −0.033% → −0.056%: $2.25
Slippage, 4 orders: −$31.75
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$63.1
Costs to cover: 0.468%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; Polymarket Perps: live order book, 5 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 Phoenix live order book, 47 min ago	1.91 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.59 bp	6.8 bp −$7	8.4 bp −$84	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	−0.0013%	4h	0.2119	+0.042%	$41K	$24K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0004%	1h	0.2118	−0.022%	$106K	—	150x	as long as short
Backpack ENA_USDC_PERP	+0.0027%	1h	0.2122	+0.198%	$375K	$445K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0033%	1h	0.2120	+0.094%	$92K	$1.7M	50x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.255%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	−0.094%	$63K	$521K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2117	−0.057%	$678K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2121	+0.140%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2116	−0.084%	$409K	$562K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2122	+0.194%	$131.3M	$452.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2122	+0.165%	$89.1M	$189.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2122	+0.208%	$20.5M	$111.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2116	−0.109%	$15K	$398K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2118	0.000%	$84K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.071%	$89K	$500	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2121	+0.123%	$10.9M	$21.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2123	+0.231%	$46.6M	$45.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2120	+0.118%	$24.5M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	+0.161%	$48.1M	$64.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2121	+0.142%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	+0.052%	$3.9M	$10.3M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.219%	$252K	$7.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2120	+0.093%	$361K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	+0.283%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2117	−0.033%	$178K	$2.5M	10x
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.436%	$1K	$824K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2120	+0.094%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2119	+0.052%	$276K	$1.4M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	+0.094%	$2.0M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2116	−0.093%	$47K	$221	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.054%	$78K	$11K	3x	as long as short
Phoenix ENAlong	+0.0189%	1h	0.2118	long leg	$7K	$347K	10x
01 Exchange ENAUSD	+0.0192%	1h	0.2118	−0.019%	$4K	$302	10x	as long as short
Extended ENA-USD	+0.0224%	1h	0.2122	+0.199%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0241%	1h	0.2121	+0.161%	$2.7M	$5.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0250% / S −0.0434%	1h	0.2117	−0.033%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2118	−0.014%	$5.6M	$6.5M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.055%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0544%	1h	0.2123	+0.241%	$5.6M	$12.9M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0552%	1h	0.2132	+0.647%	$842K	$2.1M	50x	as long as short
Hyperliquid ENA	+0.0783%	1h	0.2124	+0.297%	$114.1M	$78.8M	10x	as long as short
dYdX ENA-USD	+0.1727%	1h	0.2115	−0.145%	$140K	$15K	5x	as long as short