Funding arb · Price arb / RWA

RDDT

RWAAll RDDT markets →

LONGParagon▾tradeXYZ −0.0264%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 +0.0017%BingX +0.0050%TxFlow +0.0100%Paragon +0.0740%edgeX +0.0976%

⇄⇅

SHORTOndo Perps▾edgeX +0.0976%TxFlow +0.0100%Ondo Perps +0.0050%BingX +0.0050%BloFin +0.0017%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 −0.0264%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Paragonpara:RDDT	92.135	+0.0740	pay 0.0092% / 1h	49m 04s	$96K	$147K	10x	Long Paragon
SHORT	Ondo PerpsRDDT-USD.P2	92.200	+0.0050	get 0.0006% / 1h	49m 04s	$7K	$138K	10x	Short Ondo Perps5% off

Price gap+0.071%

Funding gap−0.0689% /8h

The gap pays +$15 on $10k if it goes back to its 7d average, but funding costs $21 a day and eats that in about 17 hours.

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+0.071%

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

ParagonOndo Perps

RDDT on 17 exchanges

lowest funding first

Before you open

4 ok · 2 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

  Paragon 10x, Ondo Perps 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 Paragon · 1h−$22.19

  Short Ondo Perps · 1h+$1.51

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

  Next 24h at the current rates, on $10k a leg: −$20.67Long Paragon: 24 payments, −$22.19; short Ondo Perps: 24 payments, +$1.51.
• ✓
  OK: Entry gap works for you+0.071% vs −0.074%

  You short the dearer leg. If the gap goes back to average, the short gains.
• !
  Watch: Short 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 legParagon No · Ondo Perps 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+0.071% → −0.074% (7d avg)+$14.51

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

Fee Paragon bp × 2 orders−$1.80

Fee Ondo Perps bp × 2 orders−$5.00

Net · 7 days · $10k—

doesn’t fit the books at $10k

Costs to cover—Break-even—

Slippage: Paragon: live order book, 37 min ago; Ondo Perps: live order book, 43 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGParagon34.3735.3 bp−$35194.8 bp−$1,948doesn’t fitdoesn’t fit

SELL · SHORTOndo Perps9.77doesn’t fitdoesn’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 ↗