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 +0.006%

Price spread now: Polymarket Perps against Gate−0.249%48s7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as 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−$430.432% of the position

Long on Gate Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$21 on $10k

Price spread, last 7 days+0.298%+$30 · spread now −0.249%, 7d avg +0.028%

Together, before fees+0.093%+$9 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: Polymarket Perps is 0.277% cheaper against Gate than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of +0.028%. The two prices were read 48 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	Gate ENA_USDT	0.2128	0.0100	pay 0.0050% / 4h	1h 59m	$11.1M	$21.1M	50x
Short	Polymarket Perps ENA-USD	0.2122	0.0100	get 0.0013% / 1h	59m 44s	$183K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Gate. 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 GatebpFee Polymarket PerpsbpOrdersPrice spread, now −0.249%Rate

Funding earned: $0
Price spread: −0.249% → +0.028%: −$27.71
Slippage, 4 orders: −$20.23
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$70.94
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Polymarket Perps: 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 Gate live order book, 4 min ago	5.88 bp	15.8 bp −$16	26.5 bp −$265	54.2 bp −$5,425	97.9 bp −$49.0K
Sell Polymarket Perps live order book, 4 min ago	0.94 bp	4.9 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit

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	0.2123	−0.244%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.391%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2128	+0.014%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0031%	4h	0.2122	−0.268%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.207%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2127	−0.033%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	−0.179%	$54K	$506K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.009%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2129	+0.063%	$416K	$519K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2129	+0.056%	$131.0M	$430.3M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2129	+0.042%	$87.1M	$179.5M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2128	+0.009%	$20.9M	$104.7M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	−0.042%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.038%	$79K	$288K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.860%	$93K	$4K	10x	as long as short
Gate ENA_USDTlong	+0.0100%	4h	0.2128	long leg	$11.1M	$21.1M	50x
MEXC ENA_USDT	+0.0100%	4h	0.2130	+0.094%	$45.7M	$41.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	+0.094%	$24.7M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2126	−0.085%	$48.4M	$58.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2127	−0.023%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2123	−0.235%	$383K	$366K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.037%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	−0.233%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.169%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.132%	$32K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.358%	$681K	$1.7M	10x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2122	−0.249%	$183K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.735%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2121	−0.320%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	+0.033%	$277K	$792K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2120	−0.367%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2128	−0.003%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.299%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0144%	1h	0.2126	−0.094%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.536%	$7K	$351K	10x	as long as short
Hyperliquid ENA	+0.0190%	1h	0.2132	+0.211%	$114.6M	$71.6M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2119	−0.409%	$50K	—	100x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2123	−0.231%	$2.7M	$4.3M	50x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.421%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0432%	1h	0.2131	+0.169%	$5.5M	$13.6M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.164%	$838K	$1.6M	50x	as long as short