Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Phemex−0.058%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.058%, 7d avg +0.048%

Together, before fees+0.391%+$39 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: Polymarket Perps is 0.105% cheaper against Phemex than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4342	0.0100	pay 0.0050% / 4h	2h 56m	$4.2M	$8.1M	50x
Short	Polymarket Perps ONDO-USD	0.4340	0.0100	get 0.0013% / 1h	56m 12s	$67K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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 PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → +0.048%: −$10.52
Slippage, 4 orders: −$22.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$53.31
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: live order book, 2 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 Phemex live order book, 3 min ago	3.47 bp	15.5 bp −$16	23.2 bp −$232	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	1.73 bp	5.7 bp −$6	6.5 bp −$65	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
Kraken Futures PF_ONDOUSD	−0.0240%	1h	0.4339	−0.073%	$2.6M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4339	−0.060%	$248K	$133K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4344	+0.046%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4342	−0.003%	$7K	—	150x	as long as short
01 Exchange ONDOUSD	+0.0024%	1h	0.4339	−0.081%	$357	$2K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.205%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4345	+0.071%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4343	+0.023%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	−0.040%	$352K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4342	0.000%	$36.5M	$25.7M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4342	0.000%	$62.4M	$234.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4340	−0.046%	$67.6M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4342	0.000%	$17.1M	$72.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4346	+0.104%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	−0.057%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4341	−0.023%	$12.0M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4341	−0.023%	$42.8M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4341	−0.023%	$12.2M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4342	0.000%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4341	−0.023%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4341	−0.014%	$175K	$982K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4322	−0.467%	$681K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4324	−0.414%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4325	−0.382%	$404K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4332	−0.230%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USDshort	+0.0100%	1h	0.4340	−0.058%	$67K	$1.4M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4341	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4342	0.000%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.046%	$129K	$428K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4342	long leg	$4.2M	$8.1M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4340	−0.053%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4343	+0.019%	$390K	$791K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	−0.027%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0116%	4h	0.4343	+0.023%	$777K	$2.6M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4338	−0.092%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4321	−0.477%	$34K	$214K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	−0.092%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4341	−0.014%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4339	−0.069%	$2K	—	20x	as long as short