Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Arcus−0.062%50s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$400.398% of the position

Long on Arcus Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now −0.062%, 7d avg +0.026%

Together, before fees+0.313%+$31 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: Polymarket Perps is 0.089% cheaper against Arcus than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.026%. The two prices were read 50 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	Arcus ENA-USD	0.2085	0.0100	pay 0.0013% / 1h	47m 31s	$77K	$215K	10x
Short	Polymarket Perps ENA-USD	0.2084	0.0100	get 0.0013% / 1h	47m 31s	$122K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Arcus. 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 ArcusbpFee Polymarket PerpsbpOrdersPrice spread, now −0.062%Rate

Funding earned: $0
Price spread: −0.062% → +0.026%: −$8.86
Slippage, 4 orders: −$27.27
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$48.63
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Arcus: live order book, 59 min ago; Polymarket Perps: live order book, 4 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 Arcus live order book, 59 min ago	9.54 bp	12.5 bp −$13	23.9 bp −$239	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	3.38 bp	7.4 bp −$7	11.8 bp −$118	doesn't fit	doesn't fit

ENA on 42 exchanges

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	−0.0161%	4h	0.2084	−0.024%	$43K	$16K	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0100%	1h	0.2086	+0.060%	$2.6M	$3.0M	50x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2085	+0.010%	$4K	$60	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	+0.048%	$55K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2084	−0.033%	$81K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.770%	$734	$57K	5.5x	as long as short
Phoenix ENA	+0.0038%	1h	0.2079	−0.288%	$13K	$290K	10x	as long as short
Bitget ENAUSDT	+0.0042%	4h	0.2084	−0.053%	$47.2M	$53.7M	75x	as long as short
Lighter ENA	+0.0096%	1h	0.2084	−0.038%	$5.0M	$12.0M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2084	−0.048%	$53K	$388K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ENA-USD	+0.0096%	1h	0.2082	−0.121%	$138K	$17K	5x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2083	−0.086%	$47K	—	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2084	−0.065%	$538K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2083	−0.077%	$111.3M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2086	+0.033%	$1.2M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2083	−0.076%	$376K	$491K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2085	−0.005%	$124.5M	$398.0M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2085	0.000%	$83.6M	$181.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2085	−0.005%	$20.5M	$96.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2073	−0.566%	$37K	$303K	5x	as long as short
Arcus ENA-USDlong	+0.0100%	1h	0.2085	long leg	$77K	$215K	10x
Bulk ENA-USD	+0.0100%	1h	0.2083	−0.119%	$102K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2085	−0.010%	$14.1M	$26.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2083	−0.106%	$42.8M	$39.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2083	−0.077%	$24.8M	$14.3M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2085	−0.014%	—	$29.2M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2085	0.000%	$402K	$458K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2074	−0.528%	$2.8M	$7.6M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2076	−0.429%	$239K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2073	−0.562%	$357K	$4.1M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2077	−0.384%	$19K	$650K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2084	−0.062%	$122K	$2.8M	10x
SunX ENA-USDT	+0.0100%	4h	0.2035	−2.393%	$1K	$931K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	0.000%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2087	+0.120%	$269K	$742K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2086	+0.048%	$1.8M	$9.2M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2084	−0.048%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	−0.013%	$73K	$4K	3x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2081	−0.206%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2083	−0.102%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0520%	1h	0.2079	−0.283%	$760K	$1.7M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0521% / S −0.0754%	1h	0.2084	−0.047%	$57K	—	100x	as long as short