Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Polymarket Perps−0.067%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$21 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.067%, 7d avg −0.012%

Together, before fees+0.234%+$23 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: Binance is 0.055% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2103	0.0100	pay 0.0013% / 1h	12m 55s	$189K	$2.4M	10x
Short	Binance ENAUSDT	0.2102	0.0100	get 0.0050% / 4h	3h 12m	$127.3M	$413.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Polymarket Perps. 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 Polymarket PerpsbpFee BinancebpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.012%: −$5.49
Slippage, 4 orders: −$12.9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$36.39
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 6 min ago; Binance: live order book, 16 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 Polymarket Perps live order book, 6 min ago	2.14 bp	7.6 bp −$8	8.3 bp −$83	11767.8 bp −$1.18M	doesn't fit
Sell Binance live order book, 16 min ago	0.24 bp	8.8 bp −$9	17.0 bp −$170	61.5 bp −$6,150	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	−0.0124%	4h	0.2102	−0.043%	$44K	$26K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0072%	1h	0.2103	−0.005%	$358K	$400K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2103	−0.019%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2103	−0.003%	$82K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2104	+0.052%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.965%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2103	−0.005%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	+0.041%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	−0.017%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2104	+0.049%	$1.5M	$3.2M	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	0.2104	+0.031%	$401K	$513K	10x	as long as short
Binance ENAUSDTshort	+0.0100%	4h	0.2102	−0.067%	$127.3M	$413.0M	75x
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.038%	$85.0M	$174.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	−0.019%	$20.9M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2104	+0.043%	$22K	$326K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2105	+0.090%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2100	−0.150%	$92K	−$0	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2102	−0.048%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2102	−0.071%	$45.5M	$41.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2103	−0.019%	$24.8M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2100	−0.133%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2102	−0.033%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2106	+0.128%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2106	+0.128%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2106	+0.138%	$348K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2110	+0.328%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2103	long leg	$189K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.439%	$1K	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2102	−0.052%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.133%	$272K	$778K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	−0.052%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.105%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2103	−0.024%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2104	+0.052%	$8K	$274K	10x	as long as short
Hyperliquid ENA	+0.0120%	1h	0.2104	+0.029%	$114.3M	$74.1M	10x	as long as short
Lighter ENA	+0.0168%	1h	0.2104	+0.062%	$5.2M	$13.3M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2104	+0.027%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2103	−0.015%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.038%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2102	−0.047%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2109	+0.276%	$863K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1099%	1h	0.2104	+0.034%	$139K	$15K	5x	as long as short