ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0332%/8h= −36.4% APRnext payment −$0.41 per $10,000 · paid last 24h −0.012%

Price spread now: Polymarket Perps against Deribit−0.032%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Deribit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now −0.032%, 7d avg +0.037%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Polymarket Perps is 0.069% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.007% in total (about 0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4404	0.0432	pay 0.0054% / 1h	59m 37s	$18K	$367K	25x
Short	Polymarket Perps ONDO-USD	0.4403	0.0100	get 0.0013% / 1h	59m 37s	$69K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Deribit. 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 DeribitbpFee Polymarket PerpsbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$69.72
Price spread: −0.032% → +0.037%: −$6.91
Slippage, 4 orders: −$26.16
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$117.8
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Deribit: live order book, 59 min ago; Polymarket Perps: live order book, 4 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 Deribit live order book, 59 min ago	9.14 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	1.59 bp	5.6 bp −$6	6.3 bp −$63	doesn't fit	doesn't fit

ONDO on 39 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4401	−0.066%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4401	−0.072%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.724%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4404	−0.007%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4401	−0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4404	0.000%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4401	−0.068%	$63.6M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4398	−0.136%	$68.1M	$126.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4400	−0.091%	$17.2M	$73.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4393	−0.248%	$73K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4398	−0.141%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4399	−0.114%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4401	−0.068%	$44.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	−0.091%	$12.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4401	−0.068%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4399	−0.114%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4402	−0.041%	$187K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	−0.120%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4391	−0.289%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.249%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	−0.182%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USDshort	+0.0100%	1h	0.4403	−0.032%	$69K	$1.4M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4403	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4403	−0.023%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4404	0.000%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4400	−0.091%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4400	−0.087%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4399	−0.118%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	+0.011%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0197%	1h	0.4399	−0.103%	$249K	$129K	5x	as long as short
Aster ONDOUSDT	+0.0231%	4h	0.4403	−0.023%	$763K	$2.5M	20x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4400	−0.091%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4402	−0.045%	$272K	$731K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4404	0.000%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4396	−0.170%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0432%	1h	0.4404	long leg	$18K	$367K	25x
Hyperliquid ONDO	+0.0461%	1h	0.4404	+0.005%	$37.9M	$24.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0608% / S −0.0219%	1h	0.4401	−0.074%	$523K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4403	−0.017%	$2K	—	20x	as long as short