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% APRpaid last 24h −0.011%

Price spread now: Bitget against Polymarket Perps−0.052%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 7 days−0.037%−$4 · spread now −0.052%, 7d avg −0.073%

Together, before fees+0.183%+$18 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: Bitget is 0.021% dearer against Polymarket Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2107	0.0100	pay 0.0013% / 1h	28m 48s	$192K	$2.4M	10x
Short	Bitget ENAUSDT	0.2106	0.0100	get 0.0050% / 4h	3h 28m	$47.8M	$57.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.052%Rate

Funding earned: $0
Price spread: −0.052% → −0.073%: $2.1
Slippage, 4 orders: −$16.33
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$34.23
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Bitget: live order book, 5 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 Polymarket Perps live order book, 5 min ago	2.14 bp	8.0 bp −$8	9.1 bp −$91	12496.0 bp −$1.25M	doesn't fit
Sell Bitget live order book, 5 min ago	0.72 bp	11.9 bp −$12	19.5 bp −$195	42.8 bp −$4,280	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	−0.0106%	1h	0.2107	0.000%	$359K	$403K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0102%	4h	0.2105	−0.090%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2107	−0.043%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2106	−0.044%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.759%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0048%	1h	0.2107	0.000%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.066%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2101	−0.291%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2106	−0.052%	$655K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2108	+0.019%	$1.5M	$3.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2108	+0.045%	$401K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2108	+0.014%	$127.9M	$413.8M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2107	−0.009%	$85.3M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2108	+0.028%	$21.0M	$103.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2100	−0.370%	$22K	$332K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2108	+0.028%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.446%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2107	−0.009%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2107	−0.014%	$45.7M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2108	+0.014%	$24.9M	$15.6M	75x	as long as short
Bitget ENAUSDTshort	+0.0100%	4h	0.2106	−0.052%	$47.8M	$57.7M	75x
BingX ENA-USDC	+0.0100%	4h	0.2107	0.000%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2109	+0.094%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2105	−0.098%	$242K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2109	+0.076%	$354K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2109	+0.076%	$20K	$651K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2107	long leg	$192K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2056	−2.415%	$986	$852K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2107	−0.019%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2113	+0.261%	$273K	$789K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.066%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2106	−0.072%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2106	−0.061%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0113%	1h	0.2111	+0.161%	$8K	$274K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0173%	1h	0.2107	+0.002%	$2.6M	$4.3M	50x	as long as short
Lighter ENA	+0.0216%	1h	0.2109	+0.066%	$5.2M	$13.3M	10x	as long as short
Hyperliquid ENA	+0.0237%	1h	0.2110	+0.138%	$114.7M	$74.1M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2107	−0.029%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2106	−0.047%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2106	−0.068%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2114	+0.337%	$865K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1071%	1h	0.2108	+0.043%	$139K	$15K	5x	as long as short