Funding you earn now, next payment 01:00 UTC−0.0238%/8h= −26.1% APRnext payment −$0.30 per $10,000 · paid last 24h −0.005%
Price spread now: Polymarket Perps against Phoenix+0.122%59s7-day average −0.014% · you sell dearer than you buy
Net, funding: paid 7d − costs−$31as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.403% of the position
Funding, last 7 days+0.088%+$9 on $10k
+Price spread, last 4 days (all we have)−0.132%−$13 · spread now +0.122%, 7d avg −0.014%
=The price spread pays, funding is against you. Polymarket Perps is 0.136% dearer against Phoenix than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.014%): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours. Mind the row above: over the last 7 days funding on this pair paid +0.088%, so the current rate has only just turned against you. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.088% in total (about 4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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 | Phoenix ONDO | 0.4411 | 0.0338 | pay 0.0042% / 1h | 29m 31s | $35K | $231K | 10x |
| Short | Polymarket Perps ONDO-USD | 0.4417 | 0.0100 | get 0.0013% / 1h | 29m 31s | $93K | $1.4M | 10x |
Phoenix ONDO
Polymarket Perps ONDO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$50.01
- Price spread: +0.122% → −0.014%
- $13.62
- Slippage, 4 orders
- −$25.31
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$76.69
- Costs to cover
- 0.403%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 33 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 Phoenix live order book, 33 min ago | 1.10 bp | 12.6 bp −$13 | 51.3 bp −$513 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 4 min ago | 2.27 bp | 6.3 bp −$6 | 7.1 bp −$71 | doesn't fit | doesn't fit |
ONDO on 38 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 | −0.0362% | 1h | 0.4416 | +0.102% | $2.6M | $8.1M | 50x | as long as short |
| dYdX ONDO-USD | 0.0000% | 1h | 0.4417 | +0.120% | $250K | $130K | 5x | as long as short |
| gTrade (Gains Network) ONDO/USD | L +0.0003% / S −0.0008% | 1h | 0.4415 | +0.077% | $6K | — | 150x | as long as short |
| Injective ONDO/USDC PERP | +0.0033% | 1h | 0.4568 | +3.548% | $888 | $216K | 5.5x | as long as short |
| Orderly PERP_ONDO_USDC | +0.0099% | 4h | 0.4416 | +0.102% | $24K | $6K | 10x | as long as short |
| Aster ONDOUSDT | +0.0100% | 4h | 0.4420 | +0.191% | $671K | $2.1M | 20x | as long as short |
| Binance ONDOUSDT | +0.0100% | 4h | 0.4418 | +0.147% | $64.3M | $231.3M | 75x | as long as short |
| Bybit ONDOUSDT | +0.0100% | 4h | 0.4415 | +0.079% | $69.9M | $125.4M | 50x | as long as short |
| OKX ONDO-USDT-SWAP | +0.0100% | 4h | 0.4416 | +0.102% | $17.1M | $75.7M | 50x | as long as short |
| Ondo Perps ONDO-USD.P | +0.0100% | 1h | 0.4406 | −0.131% | $71K | $89K | 10x | as long as short |
Kraken Futures PF_ONDOUSD
dYdX ONDO-USD
gTrade (Gains Network) ONDO/USD
Injective ONDO/USDC PERP
Orderly PERP_ONDO_USDC
Aster ONDOUSDT
Binance ONDOUSDT
Bybit ONDOUSDT
OKX ONDO-USDT-SWAP
Ondo Perps ONDO-USD.PShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx ONDO/USDC | +0.0100% | 1h | 0.4416 | +0.103% | — | — | 5x | as long as short |
| Gate ONDO_USDT | +0.0100% | 4h | 0.4418 | +0.147% | $11.6M | $16.3M | 50x | as long as short |
| MEXC ONDO_USDT | +0.0100% | 4h | 0.4419 | +0.170% | $44.2M | $42.8M | 200x | as long as short |
| KuCoin ONDOUSDTM | +0.0100% | 4h | 0.4419 | +0.170% | $13.1M | $11.1M | 50x | as long as short |
| Bitget ONDOUSDT | +0.0100% | 4h | 0.4417 | +0.125% | $25.0M | $40.4M | 50x | as long as short |
| BingX ONDO-USDT | +0.0100% | 4h | 0.4417 | +0.125% | — | $22.4M | — | as long as short |
| Backpack ONDO_USDC_PERP | +0.0100% | 1h | 0.4421 | +0.206% | $202K | $1.0M | 15x | as long as short |
| Variational Omni ONDO | +0.0100% | 4h | 0.4409 | −0.061% | $767K | $1.7M | — | as long as short |
| edgeX ONDOUSDC | +0.0100% | 4h | 0.4408 | −0.070% | $5K | $320K | 20x | as long as short |
| GRVT ONDO_USDT_Perp | +0.0100% | 4h | 0.4398 | −0.303% | $417K | $976K | 10x | as long as short |
| ApeX Omni ONDOUSDT | +0.0100% | 1h | 0.4409 | −0.057% | $136K | $367K | 50x | as long as short |
| Nado ONDO-PERP | +0.0100% | 1h | 0.4415 | +0.068% | $395K | $853K | 10x | as long as short |
| Polymarket Perps ONDO-USDshort | +0.0100% | 1h | 0.4417 | +0.122% | $93K | $1.4M | 10x | |
| SunX ONDO-USDT | +0.0100% | 4h | 0.4415 | +0.079% | — | $1.4M | 20x | as long as short |
| SoDEX ONDO-USD | +0.0100% | 1h | 0.4419 | +0.170% | $459 | $13K | 10x | as long as short |
| HTX ONDO-USDT | +0.0100% | 4h | 0.4424 | +0.283% | $129K | $512K | 50x | as long as short |
| Paradex ONDO-USD-PERP | +0.0103% | 8h | 0.4420 | +0.188% | $6K | — | 10x | as long as short |
| Extended ONDO-USD | +0.0104% | 1h | 0.4415 | +0.086% | $398K | $820K | 25x | as long as short |
| Aevo ONDO-PERP | +0.0104% | 1h | 0.4420 | +0.192% | $38K | $13K | 3x | as long as short |
| Deribit ONDO_USDC-PERPETUAL | +0.0203% | 1h | 0.4417 | +0.125% | $23K | $349K | 25x | as long as short |
| Hyperliquid ONDO | +0.0284% | 1h | 0.4425 | +0.308% | $39.1M | $25.6M | 10x | as long as short |
| Coinbase International ONDO-PERP-INTX | +0.0328% | 1h | 0.4422 | +0.238% | $284K | $757K | 50x | as long as short |
| Phoenix ONDOlong | +0.0338% | 1h | 0.4411 | long leg | $35K | $231K | 10x | |
| 01 Exchange ONDOUSD | +0.0352% | 1h | 0.4421 | +0.211% | $364 | $2K | 10x | as long as short |
| GMX ONDO/USD [ETH-USDC] | L +0.0551% / S −0.0190% | 1h | 0.4414 | +0.064% | $487K | — | 100x | as long as short |
| Phemex ONDOUSDT | +0.0797% | 4h | 0.4417 | +0.125% | $4.2M | $7.4M | 50x | as long as short |
| Lighter ONDO | +0.0816% | 1h | 0.4427 | +0.342% | $1.4M | $2.1M | 10x | as long as short |
| Reya ONDORUSDPERP | +0.1147% | 1h | 0.4416 | +0.097% | $2K | — | 20x | as long as short |
RISEx ONDO/USDC
Gate ONDO_USDT
MEXC ONDO_USDT
KuCoin ONDOUSDTM
Bitget ONDOUSDT
BingX ONDO-USDT
Backpack ONDO_USDC_PERP
Variational Omni ONDO
edgeX ONDOUSDC
GRVT ONDO_USDT_Perp
ApeX Omni ONDOUSDT
Nado ONDO-PERP
SunX ONDO-USDT
SoDEX ONDO-USD
HTX ONDO-USDT
Paradex ONDO-USD-PERP
Extended ONDO-USD
Aevo ONDO-PERP
Deribit ONDO_USDC-PERPETUAL
Hyperliquid ONDO
Coinbase International ONDO-PERP-INTX
01 Exchange ONDOUSD
GMX ONDO/USD [ETH-USDC]
Phemex ONDOUSDT
Lighter ONDO
Reya ONDORUSDPERP