Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Ondo Perps against Polymarket Perps−0.061%50s7-day average −0.034% · 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 days0.000%$0 on $10k

Price spread, last 7 days−0.199%−$20 · spread now −0.061%, 7d avg −0.034%

Together, before fees−0.199%+ Points / potential airdropOndo Perps: Active · farm board−$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: Ondo Perps is 0.027% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.034%. The two prices were read 50 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	Polymarket Perps ETH-USD	2,775.2	0.0100	pay 0.0013% / 1h	31m 45s	$10.7M	$8.0M	50x
Short	Ondo Perps ETH-USD.P	2,773.5	0.0100	get 0.0013% / 1h	31m 45s	$2.8M	$17.2M	25x

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

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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 −0.061%Rate

Funding earned: $0
Price spread: −0.061% → −0.034%: −$2.69
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: −$15.69
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	0.18 bp	4.2 bp −$4	4.3 bp −$43	11.6 bp −$1,157	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.

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,774.3	−0.034%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.8	−0.051%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.241%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	−0.025%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,775.4	+0.006%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,775.2	0.000%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	−0.020%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.123%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.3	+0.005%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0011%	1h	2,777.2	+0.071%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,773.2	−0.074%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773.7	−0.055%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.2	0.000%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,774.5	−0.026%	$270.5M	$69.0M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.5	−0.062%	$256.4M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0048%	1h	2,774.4	−0.027%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,773.5	−0.061%	$55.2M	$229.1M	40x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,773.5	−0.061%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,773.5	−0.060%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771.4	−0.137%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773.8	−0.050%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.8	−0.050%	$3.29B	$9.64B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,775.3	+0.003%	$259.0M	$222.2M	50x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,773.7	−0.055%	$421.5M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775	−0.007%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.7	−0.054%	$2.51B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,775.1	−0.005%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774	−0.043%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	−0.030%	$116.0M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.6	+0.016%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.8	−0.013%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.2	−0.071%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.9	−0.047%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,774.8	−0.014%	$14.4M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.1	+0.032%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.1	−0.040%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,773.5	−0.061%	$2.8M	$17.2M	25x
Arcus ETH-USD	+0.0100%	1h	2,774.9	−0.012%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.097%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774	−0.043%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	+0.020%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.055%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.047%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.4	+0.007%	$21.5M	$58.6M	40x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,775.2	long leg	$10.7M	$8.0M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,775.1	−0.004%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.4	+0.043%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.3	−0.034%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.1	−0.075%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,775.2	0.000%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.7	−0.018%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,777	+0.066%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,774	−0.044%	$286.4M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,774.6	−0.023%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,775.4	+0.006%	$252K	$1.6M	20x	as long as short