Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Polymarket Perps+0.072%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 7 days−0.147%−$15 · spread now +0.072%, 7d avg −0.048%

Together, before fees+0.016%+$2 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: Bybit is 0.120% dearer against Polymarket Perps than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2081	0.0100	pay 0.0013% / 1h	6m 19s	$191K	$2.8M	10x
Short	Bybit ENAUSDT	0.2082	0.0100	get 0.0050% / 4h	2h 06m	$86.5M	$193.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → −0.048%: $12.01
Slippage, 4 orders: −$8.48
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$15.47
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	2.63 bp	7.1 bp −$7	9.5 bp −$95	14310.7 bp −$1.43M	doesn't fit
Sell Bybit live order book, 3 min ago	0.24 bp	6.2 bp −$6	16.4 bp −$164	57.2 bp −$5,719	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	−0.0286%	1h	0.2081	+0.019%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2081	+0.024%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2081	−0.014%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2082	+0.067%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2081	−0.006%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+2.042%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2090	+0.437%	$5K	$394K	10x	as long as short
Gate ENA_USDT	+0.0090%	4h	0.2080	−0.048%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2080	−0.043%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2080	−0.048%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2080	−0.031%	$652K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2080	−0.021%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2081	+0.008%	$403K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2083	+0.094%	$128.2M	$464.9M	75x	as long as short
Bybit ENAUSDTshort	+0.0100%	4h	0.2082	+0.072%	$86.5M	$193.7M	50x
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2082	+0.072%	$20.1M	$112.9M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	+0.336%	$20K	$412K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2081	+0.005%	$81K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	+0.286%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	+0.096%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	+0.014%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2080	−0.062%	$47.0M	$65.8M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.024%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	+0.221%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.466%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.488%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.437%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2081	long leg	$191K	$2.8M	10x
SunX ENA-USDT	+0.0100%	4h	0.2030	−2.427%	$947	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2082	+0.053%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.284%	$271K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2082	+0.053%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2082	+0.057%	$76K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2083	+0.104%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2081	+0.019%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2080	−0.023%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2086	+0.226%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.370%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0340%	1h	0.2083	+0.108%	$109.8M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2080	−0.027%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2082	+0.058%	$796K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5075%	1h	0.2081	−0.007%	$137K	$15K	5x	as long as short