Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: OKX against Polymarket Perps−0.053%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 7 days−0.052%−$5 · spread now −0.053%, 7d avg −0.031%

Together, before fees+0.107%+$11 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: OKX is 0.022% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.031%.

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	35m 13s	$187K	$2.7M	10x
Short	OKX ENA-USDT-SWAP	0.2093	0.0100	get 0.0050% / 4h	1h 35m	$20.2M	$112.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0
Price spread: −0.053% → −0.031%: −$2.16
Slippage, 4 orders: −$17.73
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$37.9
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	2.86 bp	7.8 bp −$8	11.3 bp −$113	16525.3 bp −$1.65M	doesn't fit
Sell OKX live order book, 4 min ago	0.24 bp	10.8 bp −$11	21.8 bp −$218	84.0 bp −$8,400	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	−0.0078%	1h	0.2093	−0.024%	$361K	$480K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0064%	4h	0.2092	−0.091%	$40K	$24K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2093	−0.038%	$93K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2093	−0.040%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.409%	$522	$57K	5.5x	as long as short
Kraken Futures PF_ENAUSD	+0.0066%	1h	0.2093	−0.036%	$2.6M	$5.6M	50x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2093	−0.048%	$4K	$432	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2092	−0.091%	$59K	$537K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2091	−0.155%	$47K	$221	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2092	−0.098%	$658K	$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	0.2094	−0.012%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2092	−0.086%	$405K	$581K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2093	−0.055%	$128.9M	$459.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2092	−0.100%	$86.9M	$191.3M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2093	−0.053%	$20.2M	$112.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2094	+0.014%	$15K	$416K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2093	−0.043%	$82K	$222K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	+0.188%	$88K	$1K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2093	−0.048%	$10.4M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2093	−0.043%	$44.9M	$46.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2094	0.000%	$23.9M	$16.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2092	−0.110%	$47.4M	$65.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2092	−0.072%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2091	−0.148%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2095	+0.066%	$249K	$7.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2095	+0.053%	$354K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2100	+0.291%	$32K	$711K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2094	long leg	$187K	$2.7M	10x
SunX ENA-USDT	+0.0100%	4h	0.2042	−2.483%	$1K	$815K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2093	−0.043%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2096	+0.096%	$273K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2093	−0.043%	$1.9M	$9.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2093	−0.052%	$77K	$11K	3x	as long as short
Phoenix ENA	+0.0115%	1h	0.2095	+0.033%	$5K	$356K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0229% / S −0.0384%	1h	0.2092	−0.067%	$38K	—	100x	as long as short
Extended ENA-USD	+0.0288%	1h	0.2092	−0.081%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2093	−0.057%	$5.5M	$8.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2093	−0.042%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0504%	1h	0.2095	+0.067%	$5.6M	$12.9M	10x	as long as short
Hyperliquid ENA	+0.0556%	1h	0.2096	+0.115%	$110.7M	$79.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0576%	1h	0.2097	+0.138%	$805K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.1909%	1h	0.2093	−0.054%	$138K	$15K	5x	as long as short