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 −0.003%

Price spread now: Bybit against Polymarket Perps−0.086%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days−0.009%−$1 · spread now −0.086%, 7d avg −0.049%

Together, before fees+0.152%+$15 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: Bybit is 0.037% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2090	0.0100	pay 0.0013% / 1h	51m 02s	$187K	$2.8M	10x
Short	Bybit ENAUSDT	0.2088	0.0100	get 0.0050% / 4h	1h 51m	$86.8M	$192.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.086%Rate

Funding earned: $0
Price spread: −0.086% → −0.049%: −$3.73
Slippage, 4 orders: −$11.66
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.39
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bybit: 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	2.87 bp	7.0 bp −$7	9.6 bp −$96	15524.7 bp −$1.55M	doesn't fit
Sell Bybit live order book, 3 min ago	0.24 bp	9.4 bp −$9	17.4 bp −$174	58.2 bp −$5,822	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	−0.0078%	4h	0.2089	−0.057%	$40K	$24K	10x	as long as short
Backpack ENA_USDC_PERP	−0.0070%	1h	0.2090	+0.010%	$361K	$484K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2090	−0.024%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2090	−0.019%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.593%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2089	−0.033%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0080%	1h	0.2090	0.000%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	−0.053%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2089	−0.049%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2089	−0.045%	$655K	$1.8M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2090	+0.013%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2090	−0.022%	$404K	$587K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2090	−0.014%	$128.6M	$463.2M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2088	−0.086%	$86.8M	$192.8M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2089	−0.062%	$20.2M	$112.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2098	+0.392%	$20K	$414K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	−0.005%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2090	−0.001%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2089	−0.033%	$10.4M	$21.1M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2090	−0.005%	$45.0M	$46.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2091	+0.024%	$23.9M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2088	−0.115%	$47.2M	$65.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2089	−0.038%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2093	+0.142%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.057%	$248K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2096	+0.299%	$353K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2091	+0.043%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2090	long leg	$187K	$2.8M	10x
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.445%	$1K	$814K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2090	−0.005%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.158%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2089	−0.053%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2089	−0.031%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2092	+0.110%	$5K	$356K	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2089	−0.056%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0219% / S −0.0360%	1h	0.2089	−0.037%	$38K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	−0.053%	$5.5M	$8.1M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2089	−0.045%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2092	+0.100%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0543%	1h	0.2092	+0.115%	$110.2M	$79.7M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2094	+0.201%	$801K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1795%	1h	0.2091	+0.057%	$138K	$15K	5x	as long as short