ENA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0024%/8h= −2.7% APRnext payment −$0.03 per $10,000 · paid last 24h +0.015%

Price spread now: Phoenix against Polymarket Perps+0.101%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 3 days (all we have)−0.220%−$22 · spread now +0.101%, 7d avg +0.055%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.046% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of +0.055%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.337%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ENA-USD	0.2088	0.0100	pay 0.0013% / 1h	6m 54s	$182K	$2.8M	10x
Short	Phoenix ENA	0.2090	0.0076	get 0.0009% / 1h	6m 54s	$5K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$5.09
Price spread: +0.101% → +0.055%: $4.61
Slippage, 4 orders: −$32.92
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.4
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Phoenix: live order book, 15 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, 2 min ago	2.63 bp	7.1 bp −$7	9.5 bp −$95	14310.7 bp −$1.43M	doesn't fit
Sell Phoenix live order book, 15 min ago	1.90 bp	16.9 bp −$17	51.9 bp −$519	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
Backpack ENA_USDC_PERP	−0.0286%	1h	0.2081	−0.316%	$359K	$483K	5x	as long as short
Orderly PERP_ENA_USDC	−0.0079%	4h	0.2085	−0.158%	$41K	$23K	10x	as long as short
01 Exchange ENAUSD	0.0000%	1h	0.2087	−0.019%	$4K	$432	10x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2086	−0.110%	$92K	$1.8M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0003% / S −0.0003%	1h	0.2087	−0.061%	$96K	—	150x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	+1.700%	$522	$57K	5.5x	as long as short
Phoenix ENAshort	+0.0076%	1h	0.2090	+0.101%	$5K	$394K	10x
Gate ENA_USDT	+0.0082%	4h	0.2083	−0.249%	$10.4M	$21.8M	50x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2087	−0.043%	$59K	$538K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2088	−0.001%	$47K	$221	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2088	+0.024%	$654K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2080	−0.371%	$1.5M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2089	+0.043%	$404K	$592K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2081	−0.350%	$128.0M	$465.3M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2080	−0.374%	$86.5M	$193.6M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2080	−0.369%	$20.1M	$112.8M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2088	0.000%	$19K	$417K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2089	+0.053%	$82K	$223K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2087	−0.050%	$88K	$2K	10x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2081	−0.345%	$45.1M	$49.5M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2081	−0.335%	$23.8M	$16.7M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2079	−0.412%	$47.0M	$65.9M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2080	−0.388%	—	$6.5M	—	as long as short
Variational Omni ENA	+0.0100%	4h	0.2085	−0.115%	$3.8M	$10.4M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2091	+0.129%	$248K	$7.9M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2091	+0.152%	$349K	$4.6M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2090	+0.101%	$32K	$712K	50x	as long as short
Polymarket Perps ENA-USDlong	+0.0100%	1h	0.2088	long leg	$182K	$2.8M	10x
SunX ENA-USDT	+0.0100%	4h	0.2037	−2.452%	$1K	$811K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2085	−0.139%	$4K	$14K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2093	+0.239%	$272K	$1.5M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2084	−0.187%	$1.9M	$9.3M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2085	−0.139%	$77K	$11K	3x	as long as short
Kraken Futures PF_ENAUSD	+0.0105%	1h	0.2086	−0.080%	$2.6M	$5.8M	50x	as long as short
Extended ENA-USD	+0.0176%	1h	0.2080	−0.385%	$1.6M	$4.2M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0215% / S −0.0164%	1h	0.2086	−0.070%	$50K	—	100x	as long as short
Lighter ENA	+0.0304%	1h	0.2088	0.000%	$5.6M	$13.2M	10x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2089	+0.034%	$5.5M	$8.1M	75x	as long as short
Hyperliquid ENA	+0.0341%	1h	0.2082	−0.263%	$109.7M	$80.2M	10x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2087	−0.051%	$1K	$5K	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0536%	1h	0.2089	+0.034%	$798K	$2.1M	50x	as long as short
dYdX ENA-USD	+0.5141%	1h	0.2089	+0.040%	$138K	$15K	5x	as long as short