Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.082%

Price spread now: Polymarket Perps against Hyperliquid+0.113%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.475%−$48 on $10k

Price spread, last 7 days−0.228%−$23 · spread now +0.113%, 7d avg −0.071%

Together, before fees−0.703%+ Points / potential airdropHyperliquid: Season 2 · farm board−$70 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 0.184% dearer against Hyperliquid than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ENA	0.2132	0.0100	pay 0.0013% / 1h	53m 47s	$115.7M	$74.9M	10x
Short	Polymarket Perps ENA-USD	0.2134	0.0100	get 0.0013% / 1h	53m 47s	$175K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Hyperliquid. 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 HyperliquidbpFee Polymarket PerpsbpOrdersPrice spread, now +0.113%Rate

Funding earned: $0
Price spread: +0.113% → −0.071%: $18.36
Slippage, 4 orders: −$12.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$11.44
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Polymarket Perps: live order book, 10 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 Hyperliquid live order book, 10 min ago	0.94 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 10 min ago	2.84 bp	6.8 bp −$7	7.3 bp −$73	doesn't fit	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
Phemex ENAUSDT	−0.2468%	4h	0.2131	−0.023%	$1.9M	$9.0M	50x	as long as short
GRVT ENA_USDT_Perp	−0.0452%	4h	0.2123	−0.392%	$359K	$4.7M	10x	as long as short
01 Exchange ENAUSD	−0.0088%	1h	0.2133	+0.061%	$4K	$277	10x	as long as short
Orderly PERP_ENA_USDC	−0.0082%	4h	0.2130	−0.094%	$44K	$17K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2131	−0.019%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2130	−0.053%	$82K	—	150x	as long as short
dYdX ENA-USD	+0.0016%	1h	0.2133	+0.058%	$141K	$16K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.380%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2133	+0.070%	$53K	$488K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2132	+0.009%	$572K	$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
Hyperliquid ENAlong	+0.0100%	1h	0.2132	long leg	$115.7M	$74.9M	10x
Aster ENAUSDT	+0.0100%	4h	0.2132	+0.047%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2133	+0.069%	$411K	$564K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2131	−0.005%	$129.5M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2131	−0.028%	$88.9M	$192.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2130	−0.056%	$21.3M	$108.6M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2131	−0.028%	$33K	$313K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2134	+0.117%	$79K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	−0.234%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	−0.009%	$13.4M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2132	+0.005%	$39.7M	$42.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2132	+0.023%	$25.1M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2129	−0.141%	$48.3M	$60.4M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2131	−0.009%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2123	−0.408%	$3.1M	$9.8M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2134	+0.097%	$258K	$7.0M	20x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	−0.305%	$19K	$646K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2134	+0.113%	$175K	$2.7M	10x
SunX ENA-USDT	+0.0100%	4h	0.2080	−2.426%	$1K	$913K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	−0.117%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2135	+0.155%	$268K	$807K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2132	+0.043%	$48K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2130	−0.085%	$1.6M	$4.4M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2131	−0.043%	$75K	$4K	3x	as long as short
Lighter ENA	+0.0112%	1h	0.2132	+0.047%	$5.0M	$12.6M	10x	as long as short
Phoenix ENA	+0.0190%	1h	0.2134	+0.113%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0196%	1h	0.2130	−0.049%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0283%	1h	0.2132	0.000%	$413K	$477K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0308% / S −0.0754%	1h	0.2132	+0.006%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2127	−0.206%	$4.8M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	−0.043%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2138	+0.291%	$803K	$2.0M	50x	as long as short