Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Polymarket Perps−0.153%45s7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as 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−$280.277% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.153%, 7d avg −0.024%

Together, before fees+0.513%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.129% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.153% now, against its 7-day average of −0.024%). If the spread goes back, that is −$13 on $10k: about 43 hours of funding at the current rate (+$7 a day). The two prices were read 45 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 ONDO-USD	0.4584	0.0100	pay 0.0013% / 1h	59m 47s	$70K	$1.1M	10x
Short	BloFin ONDO-USDT	0.4577	0.0340	get 0.0170% / 4h	3h 59m	$3.3M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.153%Rate

Funding earned: $50.4
Price spread: −0.153% → −0.024%: −$12.91
Slippage, 4 orders: −$7.69
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $9.8
Costs to cover: 0.277%
Break-even: 5.6 days

Slippage from Polymarket Perps: live order book, 3 min ago; BloFin: live order book, 9 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, 3 min ago	1.86 bp	5.9 bp −$6	6.2 bp −$62	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	1.09 bp	7.1 bp −$7	9.9 bp −$99	34.9 bp −$3,491	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	−0.0796%	1h	0.4580	−0.097%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.349%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4582	−0.044%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4581	−0.062%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4579	−0.109%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4582	−0.033%	$440K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4582	−0.041%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	−0.045%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4579	−0.107%	$68.5M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4577	−0.153%	$74.1M	$120.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4577	−0.153%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.048%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4581	−0.069%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4577	−0.153%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4579	−0.109%	$49.1M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4579	−0.109%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4580	−0.087%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4579	−0.109%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4580	−0.079%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.221%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4582	−0.048%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	−0.262%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4583	−0.022%	$175K	$311K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4584	long leg	$70K	$1.1M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4581	−0.065%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4581	−0.065%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4593	+0.196%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4581	−0.065%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4582	−0.051%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4577	−0.150%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	−0.011%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.155%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4583	−0.028%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4581	−0.065%	$297K	$844K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4577	−0.153%	$3.3M	$3.3M	75x
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4581	−0.076%	$547K	—	100x	as long as short
Lighter ONDO	+0.0640%	1h	0.4589	+0.107%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4581	−0.069%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2346%	1h	0.4581	−0.072%	$259K	$132K	5x	as long as short