Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against Polymarket Perps−0.079%57s7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$320.319% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now −0.079%, 7d avg −0.107%

Together, before fees−0.225%−$23 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: Bybit is 0.028% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.107%. The two prices were read 57 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	0.4547	0.0100	pay 0.0013% / 1h	30m 31s	$69K	$1.2M	10x
Short	Bybit ONDOUSDT	0.4543	0.0100	get 0.0050% / 4h	30m 31s	$73.6M	$123.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0
Price spread: −0.079% → −0.107%: $2.8
Slippage, 4 orders: −$12.94
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.14
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bybit: 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 Polymarket Perps live order book, 3 min ago	2.20 bp	6.5 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.10 bp	8.5 bp −$8	13.2 bp −$132	43.7 bp −$4,371	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	−0.0803%	1h	0.4542	−0.094%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.471%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4543	−0.073%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4543	−0.079%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4540	−0.134%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4545	−0.041%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4543	−0.083%	$68.0M	$227.8M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4543	−0.079%	$73.6M	$123.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4543	−0.079%	$17.6M	$80.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4548	+0.037%	$74K	$89K	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	0.4541	−0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4539	−0.167%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4541	−0.123%	$48.7M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4543	−0.079%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4542	−0.101%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4542	−0.101%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4545	−0.044%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.102%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	+0.021%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	+0.009%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4548	+0.031%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4547	long leg	$69K	$1.2M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4544	−0.057%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	−0.057%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4554	+0.163%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4545	−0.035%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4542	−0.110%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4541	−0.129%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4545	−0.044%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4544	−0.057%	$35K	$436K	25x	as long as short
Hyperliquid ONDO	+0.0198%	1h	0.4545	−0.026%	$40.2M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	+0.029%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4541	−0.123%	$297K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4544	−0.057%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4546	−0.022%	$374	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4543	−0.084%	$542K	—	100x	as long as short
Lighter ONDO	+0.0808%	1h	0.4551	+0.088%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4543	−0.087%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4158%	1h	0.4543	−0.079%	$257K	$132K	5x	as long as short