ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0172%/8h= +18.8% APRnext payment +$0.21 per $10,000 · paid last 24h +0.008%

Price spread now: Phoenix against Polymarket Perps−0.261%59s7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as 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−$370.373% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.261%, 7d avg +0.017%

Together, before fees+0.197%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.278% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.261% now, against its 7-day average of +0.017%). If the spread goes back, that is −$28 on $10k: about 5.4 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.084%, so the current rate has only just turned in your favour. The two prices were read 59 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	0.4410	0.0100	pay 0.0013% / 1h	41m 45s	$71K	$1.3M	10x
Short	Phoenix ONDO	0.4399	0.0272	get 0.0034% / 1h	41m 45s	$35K	$225K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.261%Rate

Funding earned: $36.11
Price spread: −0.261% → +0.017%: −$27.82
Slippage, 4 orders: −$22.26
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.97
Costs to cover: 0.373%
Break-even: 12.6 days

Slippage from Polymarket Perps: live order book, 2 min ago; Phoenix: live order book, 15 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, 2 min ago	1.36 bp	6.9 bp −$7	7.1 bp −$71	doesn't fit	doesn't fit
Sell Phoenix live order book, 15 min ago	0.90 bp	12.5 bp −$12	43.3 bp −$433	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
dYdX ONDO-USD	0.0000%	1h	0.4392	−0.404%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4405	−0.113%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.578%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4406	−0.085%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4406	−0.095%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4409	−0.033%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.383%	$63.8M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4393	−0.390%	$69.3M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4395	−0.345%	$16.9M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−0.340%	$72K	$86K	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	0.4411	+0.012%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	−0.345%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4395	−0.345%	$47.0M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4403	−0.163%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4393	−0.390%	$25.0M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4395	−0.345%	—	$758K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4381	−0.668%	$709K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	−0.467%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4382	−0.638%	$411K	$987K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4395	−0.345%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4410	long leg	$71K	$1.3M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4410	−0.005%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4409	−0.027%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4419	+0.200%	$130K	$476K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4405	−0.118%	$4.2M	$7.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4411	+0.021%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4396	−0.331%	$398K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4409	−0.025%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0120%	1h	0.4395	−0.347%	$38.2M	$24.4M	10x	as long as short
Aster ONDOUSDT	+0.0127%	4h	0.4398	−0.268%	$711K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0202%	1h	0.4406	−0.093%	$190K	$980K	15x	as long as short
Phoenix ONDOshort	+0.0272%	1h	0.4399	−0.261%	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4406	−0.095%	$3.2M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4405	−0.118%	$283K	$703K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4415	+0.107%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0431%	1h	0.4408	−0.050%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4405	−0.126%	$486K	—	100x	as long as short
Lighter ONDO	+0.0880%	1h	0.4403	−0.170%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4409	−0.023%	$2K	—	20x	as long as short