Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Gate against Polymarket Perps−0.002%7-day average −0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$500.499% of the position

Long on Polymarket Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.466%−$47 · spread now −0.002%, 7d avg −0.102%

Together, before fees−0.515%−$52 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: Gate is 0.100% dearer against Polymarket Perps than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.102%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4526	0.0100	pay 0.0013% / 1h	57m 28s	$78K	$1.0M	10x
Short	Gate ONDO_USDT	0.4526	0.0100	get 0.0050% / 4h	2h 57m	$11.8M	$18.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → −0.102%: $10.02
Slippage, 4 orders: −$26.89
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$39.87
Costs to cover: 0.499%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; Gate: live order book, 1 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, 1 min ago	1.88 bp	6.7 bp −$7	7.0 bp −$70	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	1.10 bp	19.4 bp −$19	35.8 bp −$358	48.8 bp −$4,877	78.3 bp −$39.2K

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	−0.1121%	1h	0.4537	+0.237%	$3.1M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4539	+0.285%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4541	+0.318%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.433%	$994	$82K	5.5x	as long as short
Bybit ONDOUSDT	+0.0044%	4h	0.4524	−0.046%	$73.6M	$117.2M	50x	as long as short
Variational Omni ONDO	+0.0062%	4h	0.4524	−0.056%	$799K	$2.0M	—	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4538	+0.263%	$25K	$8K	10x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	−0.066%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	−0.002%	$433K	$669K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4536	+0.225%	$40.9M	$27.6M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4535	+0.205%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4525	−0.026%	$66.6M	$221.4M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4523	−0.068%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4556	+0.667%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4527	+0.011%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4526	−0.002%	$11.8M	$18.6M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4525	−0.024%	$48.3M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4528	+0.042%	$14.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4525	−0.024%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4525	−0.024%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4535	+0.194%	$227K	$942K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4539	+0.296%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4550	+0.528%	$428K	$925K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	+0.329%	$160K	$329K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4526	long leg	$78K	$1.0M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4535	+0.197%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4533	+0.152%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4564	+0.837%	$126K	$514K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4534	+0.175%	$4.9M	$6.1M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4525	−0.024%	$405K	$994K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.254%	$36K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4508	−0.409%	$29K	$220K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4529	+0.068%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4543	+0.371%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4541	+0.329%	$311K	$837K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4553	+0.594%	$3.3M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0619% / S −0.0203%	1h	0.4540	+0.304%	$565K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	−0.057%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.8083%	1h	0.4530	+0.095%	$256K	$117K	5x	as long as short