Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Ondo Perps+0.205%7-day average +0.025% · you sell dearer than you buy

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

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.205%, 7d avg +0.025%

Together, before fees−0.167%+ Points / potential airdropOndo Perps: Active · farm board−$17 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 0.180% dearer against Ondo Perps than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ENA-USD.P	0.2099	0.0100	pay 0.0013% / 1h	49m 34s	$22K	$320K	5x
Short	Polymarket Perps ENA-USD	0.2103	0.0100	get 0.0013% / 1h	49m 34s	$188K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Ondo 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 Ondo PerpsbpFee Polymarket PerpsbpOrdersPrice spread, now +0.205%Rate

Funding earned: $0
Price spread: +0.205% → +0.025%: $17.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $4.95
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: live order book, 4 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 4 min ago	2.39 bp	6.4 bp −$6	6.7 bp −$67	doesn't fit	doesn't fit

Ondo Perps: 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
ApeX Omni ENAUSDT	−0.0291%	1h	0.2103	+0.200%	$20K	$649K	50x	as long as short
Orderly PERP_ENA_USDC	−0.0138%	4h	0.2104	+0.238%	$44K	$25K	10x	as long as short
Gate ENA_USDT	−0.0054%	4h	0.2102	+0.162%	$10.9M	$23.4M	50x	as long as short
01 Exchange ENAUSD	−0.0032%	1h	0.2102	+0.172%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2104	+0.253%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	+0.332%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.172%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2102	+0.152%	$56K	$466K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2103	+0.189%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2103	+0.210%	$652K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ENA	+0.0100%	1h	0.2104	+0.224%	$113.8M	$74.2M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2103	+0.222%	$1.4M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2103	+0.207%	$395K	$522K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2103	+0.186%	$127.8M	$416.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2103	+0.191%	$85.3M	$175.2M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2103	+0.205%	$21.1M	$103.6M	50x	as long as short
Ondo Perps ENA-USD.Plong	+0.0100%	1h	0.2099	long leg	$22K	$320K	5x
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.152%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2096	−0.110%	$92K	−$0	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2103	+0.205%	$45.4M	$40.6M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2104	+0.267%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2101	+0.124%	$47.8M	$57.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2103	+0.195%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2102	+0.142%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2093	−0.267%	$238K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2102	+0.169%	$355K	$5.0M	10x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2103	+0.205%	$188K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2052	−2.225%	$1K	$867K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2103	+0.200%	$3K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2108	+0.434%	$274K	$778K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2102	+0.152%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2102	+0.136%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2104	+0.239%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2104	+0.233%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0163%	1h	0.2105	+0.295%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0256%	1h	0.2105	+0.276%	$5.2M	$13.0M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2106	+0.344%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2103	+0.210%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2102	+0.169%	$1K	$5K	15x	as long as short
dYdX ENA-USD	+0.0469%	1h	0.2102	+0.150%	$139K	$15K	5x	as long as short
Backpack ENA_USDC_PERP	+0.0553%	1h	0.2103	+0.181%	$358K	$400K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2100	+0.057%	$860K	$1.7M	50x	as long as short