Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Polymarket Perps−0.306%45s7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs+$32as 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−$350.350% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.673%+$67 on $10k

Price spread, last 4 days (all we have)+0.940%+$94 · spread now −0.306%, 7d avg +0.043%

Together, before fees+1.613%+$161 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.349% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.306% now, against its 7-day average of +0.043%). If the spread goes back, that is −$35 on $10k: about 4.8 days of funding at the current rate (+$7 a day). The two prices were read 45 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	0.2094	0.0100	pay 0.0013% / 1h	48m 15s	$178K	$2.3M	10x
Short	BloFin ENA-USDT	0.2088	0.0340	get 0.0170% / 4h	48m 15s	$5.6M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.306%Rate

Funding earned: $50.4
Price spread: −0.306% → +0.043%: −$34.87
Slippage, 4 orders: −$14.96
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$19.43
Costs to cover: 0.350%
Break-even: 9.7 days

Slippage from Polymarket Perps: live order book, 6 min ago; BloFin: 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 Polymarket Perps live order book, 6 min ago	0.95 bp	6.8 bp −$7	10.2 bp −$102	13008.7 bp −$1.30M	doesn't fit
Sell BloFin live order book, 5 min ago	0.71 bp	13.3 bp −$13	20.9 bp −$209	61.2 bp −$6,116	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
Backpack ENA_USDC_PERP	−0.0305%	1h	0.2090	−0.191%	$365K	$388K	5x	as long as short
01 Exchange ENAUSD	−0.0104%	1h	0.2094	0.000%	$4K	$302	10x	as long as short
Orderly PERP_ENA_USDC	−0.0059%	4h	0.2093	−0.062%	$43K	$25K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.033%	$78K	$1.2M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2094	−0.016%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.404%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2094	0.000%	$8K	$266K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2094	+0.024%	$5.2M	$13.4M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2094	0.000%	$55K	$500K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2092	−0.072%	$47K	$110	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2094	−0.002%	$657K	$1.6M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2095	+0.053%	$111.6M	$72.9M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2093	−0.057%	$1.5M	$2.9M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2093	−0.047%	$408K	$500K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2094	−0.024%	$127.9M	$415.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2093	−0.043%	$85.0M	$176.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2093	−0.038%	$20.7M	$101.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2089	−0.239%	$19K	$321K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2092	−0.096%	$77K	$275K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2107	+0.621%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	−0.029%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2094	+0.014%	$45.1M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2095	+0.033%	$24.5M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2091	−0.124%	$47.7M	$57.5M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2093	−0.038%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2097	+0.133%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	+0.511%	$242K	$7.0M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2104	+0.498%	$353K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2099	+0.239%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2094	long leg	$178K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2043	−2.416%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2092	−0.096%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2095	+0.053%	$271K	$797K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.048%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2091	−0.139%	$1.6M	$4.1M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.033%	$73K	$4K	3x	as long as short
dYdX ENA-USD	+0.0148%	1h	0.2093	−0.066%	$138K	$15K	5x	as long as short
Kraken Futures PF_ENAUSD	+0.0245%	1h	0.2094	−0.008%	$2.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0253% / S −0.0213%	1h	0.2094	−0.007%	$51K	—	100x	as long as short
BloFin ENA-USDTshort	+0.0340%	4h	0.2088	−0.306%	$5.6M	$3.0M	75x
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.046%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2090	−0.186%	$851K	$1.5M	50x	as long as short