Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against KuCoin−0.300%49s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as 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−$560.559% of the position

Long on KuCoin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 7 days+0.375%+$38 · spread now −0.300%, 7d avg +0.015%

Together, before fees+0.198%+$20 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 0.315% cheaper against KuCoin than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.015%. The two prices were read 49 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	KuCoin ENAUSDTM	0.2131	0.0100	pay 0.0050% / 4h	2h 16m	$24.7M	$16.3M	75x
Short	Polymarket Perps ENA-USD	0.2124	0.0100	get 0.0013% / 1h	16m 31s	$182K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against KuCoin. 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 KuCoinbpFee Polymarket PerpsbpOrdersPrice spread, now −0.300%Rate

Funding earned: $0
Price spread: −0.300% → +0.015%: −$31.51
Slippage, 4 orders: −$35.91
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$87.43
Costs to cover: 0.559%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Polymarket Perps: live order book, 2 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 KuCoin live order book, 2 min ago	3.05 bp	23.7 bp −$24	41.0 bp −$410	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	4.00 bp	8.0 bp −$8	17.8 bp −$178	doesn't fit	doesn't fit

ENA on 41 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
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2127	−0.197%	$79K	$1.5M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2126	−0.215%	$91K	—	150x	as long as short
dYdX ENA-USD	+0.0014%	1h	0.2127	−0.196%	$140K	$15K	5x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.352%	$522	$57K	5.5x	as long as short
Orderly PERP_ENA_USDC	+0.0036%	4h	0.2126	−0.211%	$44K	$28K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2126	−0.230%	$54K	$515K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2124	−0.331%	$683K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2129	−0.111%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2128	−0.147%	$416K	$543K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2127	−0.191%	$131.4M	$442.8M	75x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ENAUSDT	+0.0100%	4h	0.2125	−0.282%	$87.1M	$186.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2127	−0.206%	$20.9M	$107.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2129	−0.103%	$19K	$395K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2127	−0.183%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2126	−0.227%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2126	−0.249%	$11.0M	$21.6M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2126	−0.221%	$45.2M	$44.4M	200x	as long as short
KuCoin ENAUSDTMlong	+0.0100%	4h	0.2131	long leg	$24.7M	$16.3M	75x
Bitget ENAUSDT	+0.0100%	4h	0.2125	−0.291%	$48.4M	$60.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2126	−0.225%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2126	−0.211%	$380K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2130	−0.021%	$3.8M	$10.2M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2131	+0.020%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2131	+0.008%	$357K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2131	+0.005%	$32K	$655K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2124	−0.300%	$182K	$2.4M	10x
SunX ENA-USDT	+0.0100%	4h	0.2075	−2.633%	$913	$854K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2126	−0.230%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2129	−0.089%	$274K	$864K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2126	−0.230%	$1.9M	$9.2M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2125	−0.296%	$48K	$110	10x	as long as short
01 Exchange ENAUSD	+0.0104%	1h	0.2129	−0.103%	$4K	$302	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2127	−0.199%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0188%	1h	0.2126	−0.230%	$7K	$351K	10x	as long as short
Extended ENA-USD	+0.0216%	1h	0.2126	−0.251%	$1.6M	$4.1M	50x	as long as short
Kraken Futures PF_ENAUSD	+0.0251%	1h	0.2127	−0.172%	$2.7M	$4.5M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2126	−0.222%	$50K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2123	−0.370%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0416%	1h	0.2129	−0.084%	$5.5M	$13.7M	10x	as long as short
Hyperliquid ENA	+0.0494%	1h	0.2132	+0.066%	$115.2M	$72.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2136	+0.235%	$837K	$1.7M	50x	as long as short