Funding arb · Price arb /

ENA

all ENA markets

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: BingX against Polymarket Perps−0.160%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.160%, 7d avg −0.036%

Together, before fees+0.323%+$32 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: BingX is 0.124% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2122	0.0100	pay 0.0013% / 1h	0m 26s	$183K	$2.3M	10x
Short	BingX ENA-USDT	0.2119	0.0100	get 0.0050% / 4h	2h 00m	—	$32.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.160%Rate

Funding earned: $0
Price spread: −0.160% → −0.036%: −$12.44
Slippage, 4 orders: −$5.95
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$36.39
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; BingX: live order book, 8 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, 3 min ago	0.94 bp	5.9 bp −$6	7.1 bp −$71	12048.6 bp −$1.20M	doesn't fit
Sell BingX live order book, 8 min ago	0.71 bp	7.3 bp −$7	9.5 bp −$95	13.2 bp −$1,317	16.6 bp −$8,292

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	0.2130	+0.363%	$79K	$1.3M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2119	−0.142%	$87K	—	150x	as long as short
dYdX ENA-USD	+0.0011%	1h	0.2127	+0.211%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0031%	4h	0.2122	−0.019%	$44K	$27K	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.042%	$522	$57K	5.5x	as long as short
01 Exchange ENAUSD	+0.0096%	1h	0.2126	+0.165%	$4K	$302	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2124	+0.071%	$54K	$506K	50x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2128	+0.259%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2127	+0.197%	$415K	$530K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2120	−0.137%	$130.4M	$430.2M	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	0.2121	−0.075%	$86.8M	$179.8M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2123	+0.028%	$20.9M	$104.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2127	+0.207%	$19K	$384K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2126	+0.165%	$79K	$289K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2109	−0.612%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2120	−0.132%	$11.0M	$22.0M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2119	−0.160%	$45.5M	$44.7M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2121	−0.061%	$24.6M	$15.9M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2121	−0.090%	$48.3M	$58.9M	75x	as long as short
BingX ENA-USDTshort	+0.0100%	4h	0.2119	−0.160%	—	$32.4M	—
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2131	+0.382%	$384K	$369K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2129	+0.286%	$3.8M	$10.0M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2123	+0.016%	$248K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	+0.080%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2125	+0.118%	$32K	$650K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2120	−0.110%	$681K	$1.7M	10x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2122	long leg	$183K	$2.3M	10x
SunX ENA-USDT	+0.0100%	4h	0.2070	−2.492%	$1K	$843K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2130	+0.353%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2132	+0.438%	$278K	$803K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2130	+0.353%	$1.9M	$9.0M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2126	+0.148%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2121	−0.050%	$74K	$4K	3x	as long as short
Extended ENA-USD	+0.0152%	1h	0.2125	+0.113%	$1.6M	$4.1M	50x	as long as short
Phoenix ENA	+0.0188%	1h	0.2116	−0.287%	$7K	$351K	10x	as long as short
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2131	+0.386%	$2.7M	$4.3M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2119	−0.160%	$50K	—	100x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2119	−0.173%	$1K	$5K	15x	as long as short
Lighter ENA	+0.0440%	1h	0.2129	+0.316%	$5.5M	$13.8M	10x	as long as short
Hyperliquid ENA	+0.0455%	1h	0.2124	+0.085%	$114.2M	$71.5M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2132	+0.462%	$838K	$1.6M	50x	as long as short