Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.046%

Price spread now: Orderly against Polymarket Perps−0.024%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.024% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2118	0.0100	pay 0.0013% / 1h	41m 33s	$185K	$2.3M	10x
Short	Orderly PERP_ENA_USDC	0.2117	0.0010	get 0.0005% / 4h	1h 41m	$44K	$27K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.024%Rate

Funding earned: −$18.93
Price spread: −0.024% → 0.000%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$35.29
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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, 2 min ago	0.95 bp	5.9 bp −$6	7.9 bp −$79	12336.4 bp −$1.23M	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	+0.033%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	+0.032%	$82K	—	150x	as long as short
Orderly PERP_ENA_USDCshort	+0.0010%	4h	0.2117	−0.024%	$44K	$27K	10x
01 Exchange ENAUSD	+0.0024%	1h	0.2113	−0.255%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.255%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2112	−0.283%	$55K	$499K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2112	−0.276%	$682K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2115	−0.142%	$113.7M	$71.4M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2115	−0.142%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2113	−0.214%	$413K	$516K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2113	−0.231%	$129.7M	$424.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2114	−0.184%	$86.7M	$176.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2114	−0.184%	$20.8M	$103.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2112	−0.264%	$19K	$376K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2114	−0.189%	$78K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2113	−0.236%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2114	−0.194%	$11.1M	$21.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2113	−0.241%	$45.5M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2115	−0.142%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2113	−0.255%	$48.2M	$58.1M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2114	−0.194%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2118	+0.005%	$375K	$364K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	−0.379%	$3.6M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2113	−0.254%	$243K	$7.3M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2115	−0.145%	$362K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2116	−0.094%	$32K	$648K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2118	long leg	$185K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2067	−2.408%	$1K	$841K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2120	+0.090%	$277K	$781K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2119	+0.047%	$1.9M	$8.9M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2113	−0.217%	$47K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2119	+0.024%	$74K	$4K	3x	as long as short
dYdX ENA-USD	+0.0107%	1h	0.2115	−0.151%	$140K	$15K	5x	as long as short
Extended ENA-USD	+0.0128%	1h	0.2112	−0.267%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0150%	1h	0.2109	−0.406%	$8K	$298K	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2119	+0.032%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0284%	1h	0.2120	+0.096%	$2.7M	$4.3M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2111	−0.340%	$5.6M	$3.1M	75x	as long as short
Lighter ENA	+0.0384%	1h	0.2117	−0.071%	$5.5M	$13.6M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.026%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0664%	1h	0.2117	−0.033%	$833K	$1.5M	50x	as long as short