Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Paradex+0.100%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.100% dearer against Paradex than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ENA-USD-PERP	0.2115	0.0100	pay 0.0100% / 8h	4h 14m	$47K	$110	10x
Short	Polymarket Perps ENA-USD	0.2117	0.0100	get 0.0013% / 1h	14m 49s	$179K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Paradex. 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 ParadexbpFee Polymarket PerpsbpOrdersPrice spread, now +0.100%Rate

Funding earned: $0
Price spread: +0.100% → 0.000%: $10
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$2
Costs to cover: 0.120%
Break-even: 38523.8 days

Slippage unknown: Paradex: no order-book sample; Polymarket Perps: live order book, 4 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 4 min ago	3.31 bp	7.3 bp −$7	8.0 bp −$80	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0141%	1h	0.2117	+0.067%	$363K	$398K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0072%	4h	0.2115	−0.009%	$44K	$25K	10x	as long as short
01 Exchange ENAUSD	−0.0048%	1h	0.2117	+0.095%	$4K	$302	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2115	+0.005%	$79K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2113	−0.091%	$82K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.379%	$522	$57K	5.5x	as long as short
Phoenix ENA	+0.0076%	1h	0.2119	+0.171%	$8K	$266K	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2116	+0.029%	$56K	$475K	50x	as long as short
Paradex ENA-USD-PERPlong	+0.0100%	8h	0.2115	long leg	$47K	$110	10x
Nado ENA-PERP	+0.0100%	1h	0.2114	−0.042%	$660K	$1.7M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ENAUSDT	+0.0100%	4h	0.2116	+0.046%	$1.5M	$3.2M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2115	−0.001%	$404K	$517K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2117	+0.069%	$129.0M	$416.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2116	+0.034%	$85.5M	$175.4M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2117	+0.091%	$21.0M	$104.1M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2117	+0.100%	$18K	$317K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2117	+0.076%	$79K	$276K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2117	+0.053%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2116	+0.020%	$11.1M	$22.2M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2116	+0.048%	$46.1M	$41.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2117	+0.057%	$24.6M	$15.5M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2115	−0.013%	$48.0M	$57.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2117	+0.053%	—	$32.3M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2115	−0.038%	$3.0M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2117	+0.064%	$245K	$6.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2118	+0.116%	$350K	$5.0M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2120	+0.218%	$20K	$648K	50x	as long as short
Polymarket Perps ENA-USDshort	+0.0100%	1h	0.2117	+0.100%	$179K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2066	−2.353%	$1K	$849K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2116	+0.029%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2118	+0.128%	$274K	$796K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2116	+0.029%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2115	−0.026%	$1.6M	$4.2M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2115	−0.012%	$74K	$4K	3x	as long as short
Hyperliquid ENA	+0.0127%	1h	0.2120	+0.213%	$115.5M	$75.1M	10x	as long as short
dYdX ENA-USD	+0.0155%	1h	0.2115	−0.004%	$140K	$15K	5x	as long as short
Lighter ENA	+0.0168%	1h	0.2119	+0.152%	$5.2M	$13.5M	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0242%	1h	0.2117	+0.072%	$2.6M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0358%	1h	0.2116	+0.046%	$70K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2117	+0.053%	$5.6M	$3.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2115	−0.009%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0632%	1h	0.2118	+0.105%	$865K	$1.7M	50x	as long as short