Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.030%

Price spread now: Polymarket Perps against Backpack+0.009%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 4 days (all we have)+0.289%+$29 · spread now +0.009%, 7d avg +0.022%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ENA_USDC_PERP	0.2137	0.0100	pay 0.0013% / 1h	12m 08s	$413K	$479K	5x
Short	Polymarket Perps ENA-USD	0.2137	0.0100	get 0.0013% / 1h	12m 08s	$176K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Backpack. 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 BackpackbpFee Polymarket PerpsbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → +0.022%: −$1.23
Slippage, 4 orders: −$11.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$30.63
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Backpack: live order book, 22 min ago; Polymarket Perps: live order book, 52 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 Backpack live order book, 22 min ago	0.70 bp	6.8 bp −$7	41.5 bp −$415	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 52 min ago	2.84 bp	6.8 bp −$7	7.3 bp −$73	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
01 Exchange ENAUSD	−0.0112%	1h	0.2136	−0.075%	$4K	$169	10x	as long as short
Orderly PERP_ENA_USDC	−0.0100%	4h	0.2137	−0.033%	$44K	$15K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2138	+0.019%	$76K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2137	−0.026%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	−0.721%	$734	$57K	5.5x	as long as short
Bitget ENAUSDT	+0.0054%	4h	0.2136	−0.075%	$48.4M	$60.1M	75x	as long as short
Phemex ENAUSDT	+0.0068%	4h	0.2138	+0.033%	$1.9M	$9.0M	50x	as long as short
dYdX ENA-USD	+0.0080%	1h	0.2137	+0.005%	$141K	$16K	5x	as long as short
Lighter ENA	+0.0096%	1h	0.2138	+0.042%	$5.0M	$13.1M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2136	−0.061%	$55K	$488K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ENA-USD-PERP	+0.0099%	8h	0.2135	−0.087%	$48K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2136	−0.051%	$566K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2140	+0.126%	$117.1M	$76.6M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2138	+0.019%	$1.4M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2137	−0.029%	$409K	$560K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2137	−0.018%	$128.9M	$424.6M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2137	−0.014%	$88.6M	$190.9M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2138	+0.033%	$21.2M	$107.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2142	+0.239%	$39K	$331K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2136	−0.061%	$79K	$249K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2147	+0.465%	$105K	$12K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2138	+0.014%	$13.4M	$28.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2137	−0.005%	$42.0M	$44.1M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2138	+0.037%	$25.1M	$15.9M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2137	+0.009%	—	$30.8M	—	as long as short
Backpack ENA_USDC_PERPlong	+0.0100%	1h	0.2137	long leg	$413K	$479K	5x
Variational Omni ENA	+0.0100%	4h	0.2146	+0.400%	$3.1M	$9.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2142	+0.234%	$253K	$7.2M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2142	+0.220%	$360K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2141	+0.173%	$19K	$644K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2137	+0.009%	$176K	$2.6M	10x
SunX ENA-USDT	+0.0100%	4h	0.2087	−2.353%	$1K	$922K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2137	−0.014%	$4K	$6K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2139	+0.075%	$265K	$825K	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2136	−0.057%	$1.6M	$4.7M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2137	−0.025%	$75K	$4K	3x	as long as short
Phoenix ENA	+0.0150%	1h	0.2138	+0.047%	$13K	$267K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0195%	1h	0.2138	+0.011%	$2.6M	$4.4M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0307% / S −0.0756%	1h	0.2137	−0.018%	$59K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	−0.239%	$5.5M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2133	−0.194%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0544%	1h	0.2137	0.000%	$792K	$2.0M	50x	as long as short