ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1222%/8h= −133.8% APRnext payment −$1.53 per $10,000 · paid last 24h +0.199%

Price spread now: Kraken Futures against Polymarket Perps−0.061%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Polymarket Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 3 days (all we have)−0.075%−$8 · spread now −0.061%, 7d avg +0.014%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and Kraken Futures is 0.074% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.014%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.312%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.312% in total (about 16.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.53 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	0.4535	0.0100	pay 0.0013% / 1h	22m 12s	$104K	$1.1M	10x
Short	Kraken Futures PF_ONDOUSD	0.4532	−0.1122	pay 0.0140% / 1h	22m 12s	$2.9M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$256.67
Price spread: −0.061% → +0.014%: −$7.43
Slippage, 4 orders: −$33.39
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$315.48
Costs to cover: 0.514%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 6 min ago; Kraken Futures: live order book, 2 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, 6 min ago	2.32 bp	7.3 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	2.21 bp	28.6 bp −$29	43.4 bp −$434	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_ONDOUSDshort	−0.1122%	1h	0.4532	−0.061%	$2.9M	$7.8M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	+0.075%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	−0.003%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4529	−0.121%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.278%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4536	+0.031%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4530	−0.090%	$426K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4535	+0.017%	$767K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4535	+0.018%	$66.9M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4535	+0.009%	$73.6M	$118.0M	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	0.4536	+0.031%	$17.8M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4534	−0.004%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4528	−0.150%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4531	−0.079%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4535	+0.009%	$47.7M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4534	−0.013%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4535	+0.009%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4534	−0.013%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4538	+0.073%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4536	+0.038%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	−0.144%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4529	−0.125%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4532	−0.057%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4535	long leg	$104K	$1.1M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4537	+0.053%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4537	+0.053%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4544	+0.207%	$128K	$515K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4536	+0.031%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4526	−0.199%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4536	+0.041%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.078%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0251%	1h	0.4536	+0.022%	$40.5M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.097%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4521	−0.300%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4531	−0.073%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4543	+0.187%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4534	−0.010%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	+0.004%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9924%	1h	0.4525	−0.218%	$256K	$128K	5x	as long as short