ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0347%/8h= +38.0% APRnext payment +$0.43 per $10,000 · paid last 24h +0.015%

Price spread now: Deribit against Polymarket Perps−0.005%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Polymarket Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now −0.005%, 7d avg −0.040%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.035% dearer against Polymarket Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.43 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	Polymarket Perps ONDO-USD	0.4308	0.0100	pay 0.0013% / 1h	22m 55s	$67K	$1.4M	10x
Short	Deribit ONDO_USDC-PERPETUAL	0.4308	0.0447	get 0.0056% / 1h	22m 55s	$18K	$362K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.005%Rate

Funding earned: $72.87
Price spread: −0.005% → −0.040%: $3.52
Slippage, 4 orders: −$20.99
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $40.4
Costs to cover: 0.360%
Break-even: 3.1 days

Slippage from Polymarket Perps: live order book, 5 min ago; Deribit: live order book, 26 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, 5 min ago	0.93 bp	9.5 bp −$10	9.8 bp −$98	doesn't fit	doesn't fit
Sell Deribit live order book, 26 min ago	5.76 bp	9.3 bp −$9	doesn't fit	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	−0.0242%	1h	0.4305	−0.074%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4306	−0.053%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4305	−0.071%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.030%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4310	+0.051%	$1.1M	$2.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0096%	1h	0.4306	−0.049%	$354	$2K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4307	−0.028%	$347K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4314	+0.125%	$36.0M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.227%	$772K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4318	+0.237%	$62.2M	$236.7M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4313	+0.111%	$67.3M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4317	+0.204%	$17.2M	$73.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4298	−0.246%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4304	−0.100%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4306	−0.051%	$12.1M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4315	+0.158%	$42.7M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	+0.111%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4317	+0.204%	$24.7M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4316	+0.181%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4311	+0.072%	$177K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4294	−0.334%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4298	−0.226%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4298	−0.241%	$396K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	−0.167%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4308	long leg	$67K	$1.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4306	−0.051%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	−0.028%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4308	−0.005%	$448	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4313	+0.111%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4310	+0.042%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4305	−0.083%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4316	+0.189%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4309	+0.007%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4308	−0.005%	$216K	$757K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4301	−0.176%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4308	−0.005%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0447%	1h	0.4308	−0.005%	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4306	−0.057%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4307	−0.028%	$2K	—	20x	as long as short