Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: OKX against Polymarket Perps−0.160%47s7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.353% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 7 days+0.190%+$19 · spread now −0.160%, 7d avg −0.025%

Together, before fees+0.354%+$35 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: OKX is 0.135% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.025%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2120	0.0100	pay 0.0013% / 1h	28m 51s	$186K	$2.6M	10x
Short	OKX ENA-USDT-SWAP	0.2117	0.0100	get 0.0050% / 4h	1h 28m	$21.1M	$108.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.160%Rate

Funding earned: $0
Price spread: −0.160% → −0.025%: −$13.52
Slippage, 4 orders: −$17.3
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$48.82
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; OKX: 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	1.89 bp	6.0 bp −$6	7.9 bp −$79	12342.5 bp −$1.23M	doesn't fit
Sell OKX live order book, 5 min ago	0.24 bp	12.4 bp −$12	24.2 bp −$242	94.5 bp −$9,449	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	−0.0121%	4h	0.2118	−0.090%	$44K	$26K	10x	as long as short
01 Exchange ENAUSD	−0.0008%	1h	0.2120	+0.019%	$4K	$277	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2119	−0.061%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2121	+0.033%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.156%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2120	−0.005%	$53K	$483K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2121	+0.028%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	+0.019%	$561K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2119	−0.047%	$114.6M	$76.0M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2119	−0.071%	$1.4M	$3.3M	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	0.2121	+0.047%	$402K	$544K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2118	−0.104%	$128.2M	$429.2M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2115	−0.241%	$89.4M	$186.3M	50x	as long as short
OKX ENA-USDT-SWAPshort	+0.0100%	4h	0.2117	−0.160%	$21.1M	$108.1M	50x
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2122	+0.080%	$33K	$330K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2120	−0.005%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	−0.123%	$92K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2117	−0.137%	$12.4M	$26.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2117	−0.142%	$37.5M	$42.8M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2118	−0.094%	$24.5M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.222%	$48.0M	$60.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	−0.142%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2119	−0.048%	$3.1M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2120	−0.005%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2121	+0.059%	$350K	$5.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	−0.005%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2120	long leg	$186K	$2.6M	10x
SunX ENA-USDT	+0.0100%	4h	0.2069	−2.415%	$1K	$905K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2118	−0.099%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2125	+0.255%	$267K	$820K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2118	−0.099%	$1.8M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2116	−0.191%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2118	−0.092%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2119	−0.047%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0184%	1h	0.2120	−0.014%	$5.0M	$13.5M	10x	as long as short
dYdX ENA-USD	+0.0198%	1h	0.2120	+0.011%	$140K	$16K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0753%	1h	0.2121	+0.041%	$58K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2119	−0.075%	$5.6M	$3.2M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2117	−0.157%	$1K	$5K	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0445%	1h	0.2119	−0.040%	$2.6M	$4.4M	50x	as long as short
Backpack ENA_USDC_PERP	+0.0610%	1h	0.2118	−0.080%	$393K	$437K	5x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2124	+0.170%	$876K	$1.8M	50x	as long as short