Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Polymarket Perps+0.243%51s7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as 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−$270.265% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 7 days−0.320%−$32 · spread now +0.243%, 7d avg −0.036%

Together, before fees−0.079%−$8 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: BingX is 0.279% dearer against Polymarket Perps than usual: you sell high and buy low, +$28 on $10k if it goes back to its 7-day average of −0.036%. The two prices were read 51 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	Polymarket Perps ENA-USD	0.2142	0.0100	pay 0.0013% / 1h	30m 42s	$181K	$2.4M	10x
Short	BingX ENA-USDT	0.2148	0.0100	get 0.0050% / 4h	2h 30m	—	$32.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.243%Rate

Funding earned: $0
Price spread: +0.243% → −0.036%: $27.85
Slippage, 4 orders: −$8.54
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: $1.32
Costs to cover: 0.265%
Break-even: from the start

Slippage from Polymarket Perps: live order book, 3 min ago; BingX: live order book, 3 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, 3 min ago	3.06 bp	7.1 bp −$7	9.6 bp −$96	13726.4 bp −$1.37M	doesn't fit
Sell BingX live order book, 3 min ago	0.47 bp	6.1 bp −$6	7.2 bp −$72	13.4 bp −$1,338	32.2 bp −$16.1K

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2141	−0.061%	$80K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2139	−0.138%	$92K	—	150x	as long as short
dYdX ENA-USD	+0.0017%	1h	0.2145	+0.127%	$142K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.887%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0041%	4h	0.2140	−0.093%	$44K	$28K	10x	as long as short
01 Exchange ENAUSD	+0.0064%	1h	0.2142	−0.023%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2142	−0.019%	$56K	$524K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2142	−0.007%	$697K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2145	+0.107%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2147	+0.213%	$420K	$548K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2145	+0.127%	$133.0M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2148	+0.261%	$88.1M	$186.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2148	+0.271%	$21.1M	$109.4M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2128	−0.677%	$19K	$411K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2150	+0.355%	$117K	$251K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2105	−1.733%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2141	−0.047%	$11.1M	$21.3M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2148	+0.257%	$45.8M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2150	+0.369%	$24.9M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2147	+0.215%	$48.8M	$61.1M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2148	+0.243%	—	$32.7M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2143	+0.023%	$371K	$376K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2140	−0.125%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2115	−1.267%	$242K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2127	−0.697%	$353K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2124	−0.859%	$32K	$667K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2142	long leg	$181K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2090	−2.441%	$866	$850K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2141	−0.065%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2143	+0.023%	$277K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2141	−0.065%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2145	+0.101%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2142	−0.034%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2138	−0.196%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0240%	1h	0.2141	−0.058%	$1.6M	$4.2M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0249%	1h	0.2142	−0.028%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2140	−0.115%	$51K	—	100x	as long as short
Lighter ENA	+0.0392%	1h	0.2146	+0.149%	$5.6M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2140	−0.099%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0525%	1h	0.2146	+0.168%	$115.9M	$73.0M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2111	−1.475%	$827K	$1.7M	50x	as long as short