Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Nado+0.093%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Nado Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days+0.124%+$12 · spread now +0.093%, 7d avg +0.005%

Together, before fees+0.104%+ Points / potential airdropNado: Active · farm board+$10 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 0.087% dearer against Nado than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ENA-PERP	0.2102	0.0100	pay 0.0012% / 1h	46m 30s	$655K	$1.7M	10x
Short	Polymarket Perps ENA-USD	0.2104	0.0100	get 0.0013% / 1h	46m 30s	$177K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Nado. 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 NadobpFee Polymarket PerpsbpOrdersPrice spread, now +0.093%Rate

Funding earned: $0
Price spread: +0.093% → +0.005%: $8.73
Slippage, 4 orders: −$15.19
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$21.46
Costs to cover: 0.302%
Break-even: 2204535469434552.3 days

Slippage from Nado: live order book, 2 min ago; Polymarket Perps: live order book, 2 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 Nado live order book, 2 min ago	0.47 bp	7.4 bp −$7	18.8 bp −$188	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.13 bp	6.6 bp −$7	8.0 bp −$80	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
Backpack ENA_USDC_PERP	−0.0247%	1h	0.2104	+0.055%	$361K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0085%	4h	0.2100	−0.093%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	+0.050%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.069%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.996%	$522	$57K	5.5x	as long as short
Gate ENA_USDT	+0.0062%	4h	0.2101	−0.078%	$11.1M	$22.2M	50x	as long as short
01 Exchange ENAUSD	+0.0088%	1h	0.2104	+0.055%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	−0.021%	$56K	$462K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2102	−0.024%	$47K	$110	10x	as long as short
Nado ENA-PERPlong	+0.0100%	1h	0.2102	long leg	$655K	$1.7M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2103	+0.032%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	+0.037%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2102	−0.038%	$127.8M	$414.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.069%	$84.9M	$174.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2102	−0.017%	$21.0M	$103.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2107	+0.202%	$20K	$329K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2104	+0.074%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2115	+0.613%	$93K	$4K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2104	+0.050%	$45.8M	$40.9M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	+0.098%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.021%	$47.8M	$57.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2101	−0.059%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2110	+0.377%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2107	+0.220%	$243K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.222%	$353K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2107	+0.216%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2104	+0.093%	$177K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2053	−2.333%	$1K	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	+0.026%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2106	+0.174%	$272K	$793K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2103	+0.026%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2101	−0.048%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.051%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2113	+0.507%	$8K	$274K	10x	as long as short
Lighter ENA	+0.0144%	1h	0.2105	+0.102%	$5.2M	$13.2M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2104	+0.083%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0305% / S −0.0358%	1h	0.2103	+0.028%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.026%	$5.5M	$3.0M	75x	as long as short
Hyperliquid ENA	+0.0404%	1h	0.2106	+0.188%	$114.8M	$74.0M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2103	+0.022%	$1K	$5K	15x	as long as short
dYdX ENA-USD	+0.0481%	1h	0.2103	+0.037%	$139K	$15K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2112	+0.430%	$863K	$1.7M	50x	as long as short