Funding arb · Price arb / RWA

RDDT

RWAAll RDDT markets →

LONGOndo Perps▾tradeXYZ −0.0138%Binance 0.0000%Bybit 0.0000%OKX 0.0000%QFEX 0.0000%Gate 0.0000%MEXC 0.0000%KuCoin 0.0000%Bitget 0.0000%Variational Omni 0.0000%HTX 0.0000%BloFin +0.0016%BingX +0.0050%Ondo Perps +0.0050%edgeX +0.0092%TxFlow +0.0100%

⇄⇅

SHORTParagon▾TxFlow +0.0100%edgeX +0.0092%BingX +0.0050%BloFin +0.0016%Binance 0.0000%Bybit 0.0000%OKX 0.0000%QFEX 0.0000%Gate 0.0000%MEXC 0.0000%KuCoin 0.0000%Bitget 0.0000%Variational Omni 0.0000%HTX 0.0000%tradeXYZ −0.0138%Paragon −0.0919%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Ondo PerpsRDDT-USD.P2	92.210	+0.0050	pay 0.0006% / 1h	7m 45s	$7K	$131K	10x	Long Ondo Perps5% off
SHORT	Paragonpara:RDDT	92.135	−0.0919	pay 0.0115% / 1h	7m 45s	$96K	$145K	10x	Short Paragon

Price gap−0.082%

Funding gap−0.0970% /8h

Both sides work against this direction now: funding costs $29 a day on $10k and the gap is 0.154% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.375% in total, about −0.0179%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.082%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

Ondo PerpsParagon

RDDT on 17 exchanges

lowest funding first

Before you open

3 ok · 3 to watch

• ✕
  Problem: Doesn’t fit the books—

  $10k a leg is deeper than Ondo Perps’s order book right now.
• i
  Note: Margin at max leverage$1,000 + $1,000

  Ondo Perps 10x, Paragon 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Ondo Perps · 1h−$1.51

  Short Paragon · 1h−$27.58

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$29.09Long Ondo Perps: 24 payments, −$1.51; short Paragon: 24 payments, −$27.58.
• !
  Watch: Gap narrower than usual−0.082% vs +0.073%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Long leg is thinner$7K vs $96K OI

  Ondo Perps sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legOndo Perps points

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legOndo Perps No · Paragon No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0179%/8h × 21 periods−$37.51

Price spread−0.082% → +0.073% (7d avg)−$15.43

Slippage, 4 ordersdoesn’t fit the book at $10k—

Fee Ondo Perps bp × 2 orders−$5.00

Fee Paragon bp × 2 orders−$1.80

Net · 7 days · $10k—

doesn’t fit the books at $10k

Costs to cover—Break-even—

Slippage: Ondo Perps: live order book, 19 min ago; Paragon: live order book, 16 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGOndo Perps13.57doesn’t fitdoesn’t fitdoesn’t fitdoesn’t fit

SELL · SHORTParagon34.10476.2 bp−$476doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

RDDT news

posts that mention RDDT or Reddit, from every exchangeSearch all news →

10-30 16:24	Kalshi	Other	JUST IN: Reddit is down nearly -30% today @Kalshi on X ↗
10-30 14:33	Paragon	Other	Amazon and Intel results added to worries around the AI trade and put pressure on optics and AI infrastructure names, while $RDDT fell on its Q4 guidance and crypto slid after hackers took an estimated $6.3 billion from Binance, reported as the largest crypto theft on record. The top losers on Paragon over the past 24 hours. @tradeparagon on X ↗
10-30 08:00	Kalshi	Other	BREAKING: Reddit to require logins for browsing "most of the site" @Kalshi on X ↗
10-29 22:54	Kalshi	Other	JUST IN: Reddit to start requiring users to log-in to access the platform @Kalshi on X ↗
10-29 21:01	Paragon	Other	$RDDT reported Q3 revenue of $895M, up 53% year over year, and net income of $283M, with daily active uniques up 12% to 130.3M. Shares fell more than 11% after the report as Q4 guidance of $1.0 billion to $1.03 billion came in below estimates. Trade $RDDT 24/7 on Hyperliquid: @tradeparagon on X ↗
10-29 02:56	Ondo Perps	Listing	New equity perps now live: ▸ $RDDT - Reddit ▸ $ASML - ASML Holding ▸ $NKE - Nike Inc ▸ $WEN - Wendy’s Trade now → @OndoPerps on X ↗