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 +0.089%

Price spread now: Hyperliquid against Polymarket Perps−0.009%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 7 days+0.118%+$12 · spread now −0.009%, 7d avg +0.071%

Together, before fees+0.598%+ Points / potential airdropHyperliquid: Season 2 · farm board+$60 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: Hyperliquid is 0.080% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$8 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	Polymarket Perps ENA-USD	0.2180	0.0100	pay 0.0013% / 1h	14m 48s	$193K	$2.5M	10x
Short	Hyperliquid ENA	0.2180	0.0100	get 0.0013% / 1h	14m 48s	$118.1M	$75.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0
Price spread: −0.009% → +0.071%: −$8
Slippage, 4 orders: −$18.08
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$43.08
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Hyperliquid: live order book, 9 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, 4 min ago	2.77 bp	8.6 bp −$9	9.9 bp −$99	15839.2 bp −$1.58M	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.65 bp	8.9 bp −$9	doesn't fit	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
Orderly PERP_ENA_USDC	−0.0139%	4h	0.2182	+0.083%	$45K	$26K	10x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2177	−0.117%	$84K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−2.596%	$522	$57K	5.5x	as long as short
Phemex ENAUSDT	+0.0039%	4h	0.2180	0.000%	$1.8M	$8.9M	50x	as long as short
01 Exchange ENAUSD	+0.0056%	1h	0.2177	−0.161%	$4K	$277	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2180	0.000%	$53K	$475K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2179	−0.032%	$565K	$1.8M	10x	as long as short
Hyperliquid ENAshort	+0.0100%	1h	0.2180	−0.009%	$118.1M	$75.4M	10x
Aster ENAUSDT	+0.0100%	4h	0.2180	+0.006%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2172	−0.354%	$408K	$528K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ENAUSDT	+0.0100%	4h	0.2180	+0.023%	$132.4M	$423.7M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2179	−0.032%	$88.1M	$177.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2180	0.000%	$21.8M	$108.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2177	−0.151%	$21K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2177	−0.138%	$81K	$280K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2179	−0.037%	$11.5M	$24.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2181	+0.032%	$47.9M	$41.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2181	+0.028%	$25.4M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2179	−0.050%	$49.4M	$58.7M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2179	−0.037%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2174	−0.285%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2172	−0.365%	$255K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2163	−0.761%	$362K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2173	−0.321%	$20K	$650K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2180	long leg	$193K	$2.5M	10x
SunX ENA-USDT	+0.0100%	4h	0.2130	−2.298%	$1K	$883K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2180	0.000%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2188	+0.349%	$274K	$806K	50x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2132	−2.225%	$94K	−$0	10x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2171	−0.391%	$49K	$110	10x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2180	−0.006%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2182	+0.076%	$76K	$4K	3x	as long as short
Phoenix ENA	+0.0153%	1h	0.2174	−0.266%	$8K	$278K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0158%	1h	0.2181	+0.032%	$2.7M	$4.3M	50x	as long as short
dYdX ENA-USD	+0.0244%	1h	0.2172	−0.379%	$143K	$16K	5x	as long as short
Deribit ENA_USDC-PERPETUAL	+0.0254%	1h	0.2183	+0.138%	$70K	$1.1M	50x	as long as short
Lighter ENA	+0.0256%	1h	0.2182	+0.073%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0310% / S −0.0753%	1h	0.2177	−0.151%	$60K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2180	−0.005%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2179	−0.048%	$1K	$5K	15x	as long as short
Backpack ENA_USDC_PERP	+0.0665%	1h	0.2181	+0.032%	$368K	$402K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0704%	1h	0.2183	+0.156%	$895K	$1.8M	50x	as long as short