ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0013%/8h= +1.5% APRnext payment +$0.02 per $10,000 · paid last 24h +0.001%

Price spread now: Phoenix against Polymarket Perps+0.057%59s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as 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−$430.431% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.336%+$34 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.057%, 7d avg +0.063%

Together, before fees+0.205%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 59 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	0.2101	0.0100	pay 0.0013% / 1h	23m 53s	$191K	$2.4M	10x
Short	Phoenix ENA	0.2102	0.0113	get 0.0014% / 1h	23m 53s	$8K	$274K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.057%Rate

Funding earned: $2.82
Price spread: +0.057% → +0.063%: −$0.59
Slippage, 4 orders: −$28.06
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.83
Costs to cover: 0.431%
Break-even: 108.3 days

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 27 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	0.71 bp	4.7 bp −$5	9.9 bp −$99	11274.4 bp −$1.13M	doesn't fit
Sell Phoenix live order book, 27 min ago	1.89 bp	16.8 bp −$17	51.7 bp −$517	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
Backpack ENA_USDC_PERP	−0.0114%	1h	0.2100	−0.067%	$358K	$402K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0111%	4h	0.2099	−0.090%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2100	−0.052%	$73K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2101	−0.032%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0032%	1h	0.2101	+0.005%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.052%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2101	−0.014%	$56K	$465K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2100	−0.044%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2101	−0.005%	$653K	$1.7M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2101	−0.017%	$1.4M	$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	0.2101	−0.002%	$400K	$513K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2100	−0.043%	$127.4M	$413.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2101	−0.033%	$85.0M	$174.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2101	+0.005%	$20.9M	$103.2M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2109	+0.343%	$22K	$334K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2102	+0.033%	$78K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2098	−0.157%	$92K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2099	−0.090%	$11.2M	$22.4M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2100	−0.043%	$45.5M	$41.0M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2101	−0.024%	$24.8M	$15.6M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2099	−0.109%	$47.6M	$57.6M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2100	−0.062%	—	$31.7M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2100	−0.073%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2102	+0.049%	$241K	$6.8M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2107	+0.263%	$349K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2102	+0.033%	$20K	$652K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2101	long leg	$191K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2050	−2.441%	$943	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2100	−0.062%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2105	+0.195%	$272K	$790K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2100	−0.062%	$1.7M	$8.9M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2099	−0.116%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2100	−0.081%	$73K	$4K	3x	as long as short
Phoenix ENAshort	+0.0113%	1h	0.2102	+0.057%	$8K	$274K	10x
Kraken Futures PF_ENAUSD	+0.0174%	1h	0.2101	−0.010%	$2.6M	$4.3M	50x	as long as short
Hyperliquid ENA	+0.0187%	1h	0.2103	+0.071%	$114.2M	$74.0M	10x	as long as short
Lighter ENA	+0.0200%	1h	0.2102	+0.057%	$5.2M	$13.3M	10x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2101	−0.027%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	+0.024%	$5.5M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2100	−0.064%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0656%	1h	0.2107	+0.276%	$862K	$1.7M	50x	as long as short
dYdX ENA-USD	+0.1103%	1h	0.2101	−0.024%	$139K	$15K	5x	as long as short