Funding arb · Price arb /

ENA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Ondo Perps against Polymarket Perps−0.446%7-day average −0.029% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.446%, 7d avg −0.029%

Together, before fees+0.346%+ Points / potential airdropOndo Perps: Active · farm board+$35 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: Ondo Perps is 0.418% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2106	0.0100	pay 0.0013% / 1h	1m 49s	$182K	$2.6M	10x
Short	Ondo Perps ENA-USD.P	0.2097	0.0100	get 0.0013% / 1h	1m 49s	$33K	$316K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.446%Rate

Funding earned: $0
Price spread: −0.446% → −0.029%: −$41.77
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$54.77
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 2 min ago; Ondo Perps: no order-book sample. 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 Polymarket Perps live order book, 2 min ago	2.61 bp	7.5 bp −$8	9.1 bp −$91	12624.4 bp −$1.26M	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Orderly PERP_ENA_USDC	−0.0100%	4h	0.2105	−0.085%	$44K	$26K	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2105	−0.043%	$54K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2105	−0.047%	$81K	—	150x	as long as short
01 Exchange ENAUSD	+0.0008%	1h	0.2106	−0.024%	$4K	$277	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+0.807%	$522	$57K	5.5x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2106	−0.019%	$55K	$480K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2104	−0.098%	$47K	$110	10x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2104	−0.090%	$557K	$1.8M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2105	−0.057%	$113.8M	$75.5M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2106	−0.040%	$1.4M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2104	−0.110%	$398K	$542K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2104	−0.116%	$127.4M	$426.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2102	−0.195%	$90.3M	$187.1M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2104	−0.128%	$21.1M	$107.0M	50x	as long as short
Ondo Perps ENA-USD.Pshort	+0.0100%	1h	0.2097	−0.446%	$33K	$316K	5x
Arcus ENA-USD	+0.0100%	1h	0.2105	−0.066%	$78K	$281K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2122	+0.737%	$93K	$511	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2105	−0.085%	$12.5M	$26.8M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2105	−0.085%	$38.0M	$43.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2105	−0.047%	$24.6M	$15.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2102	−0.185%	$47.6M	$59.7M	75x	as long as short
BingX ENA-USDT	+0.0100%	4h	0.2105	−0.085%	—	$31.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2113	+0.308%	$3.1M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2109	+0.117%	$256K	$7.1M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2108	+0.076%	$361K	$4.9M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2108	+0.076%	$19K	$647K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2106	long leg	$182K	$2.6M	10x
SunX ENA-USDT	+0.0100%	4h	0.2055	−2.421%	$1K	$903K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2105	−0.066%	$4K	$7K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2110	+0.180%	$265K	$826K	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2106	−0.019%	$1.8M	$8.8M	50x	as long as short
Extended ENA-USD	+0.0104%	1h	0.2103	−0.178%	$1.6M	$4.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2105	−0.064%	$74K	$4K	3x	as long as short
Phoenix ENA	+0.0110%	1h	0.2112	+0.271%	$8K	$276K	10x	as long as short
Lighter ENA	+0.0128%	1h	0.2106	−0.009%	$5.0M	$13.8M	10x	as long as short
Backpack ENA_USDC_PERP	+0.0172%	1h	0.2106	−0.038%	$388K	$456K	5x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0306% / S −0.0753%	1h	0.2106	−0.041%	$58K	—	100x	as long as short
dYdX ENA-USD	+0.0310%	1h	0.2105	−0.065%	$139K	$16K	5x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2102	−0.218%	$5.6M	$3.3M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2104	−0.099%	$1K	—	15x	as long as short
Kraken Futures PF_ENAUSD	+0.0448%	1h	0.2106	−0.041%	$2.6M	$4.4M	50x	as long as short
Coinbase International ENA-PERP-INTX	+0.0616%	1h	0.2105	−0.057%	$868K	$1.8M	50x	as long as short