Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Polymarket Perps against Ondo Perps+0.084%50s7-day average +0.025% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 7 days+0.407%+$41 · spread now +0.084%, 7d avg +0.025%

Together, before fees+0.395%+ Points / potential airdropOndo Perps: Active · farm board+$39 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: Polymarket Perps is 0.060% dearer against Ondo Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 50 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	Ondo Perps ETH-USD.P	2,722.3	0.0100	pay 0.0013% / 1h	20m 35s	$2.7M	$16.8M	25x
Short	Polymarket Perps ETH-USD	2,724.6	0.0100	get 0.0013% / 1h	20m 35s	$11.2M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Ondo 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 Ondo PerpsbpFee Polymarket PerpsbpOrdersPrice spread, now +0.084%Rate

Funding earned: $0
Price spread: +0.084% → +0.025%: $5.97
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$7.03
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: live order book, 4 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 4 min ago	0.18 bp	4.5 bp −$4	4.9 bp −$49	13.3 bp −$1,325	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,723.7	+0.050%	$275K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0176%	8h	2,722.4	+0.002%	$281.5M	$177.3M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.7	+0.051%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,724.3	+0.073%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.4	+0.041%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.6	+0.047%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,723.7	+0.051%	$6.7M	$679.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,723.4	+0.040%	$262.7M	$212.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,723.4	+0.041%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,723.6	+0.049%	—	$1.08B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0020%	8h	2,724.3	+0.073%	$2.32B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0031%	8h	2,722.4	+0.004%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.8	+0.092%	$190K	$884K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.7	+0.235%	$200K	$21.5M	52x	as long as short
ApeX Omni ETHUSDT	+0.0051%	1h	2,722.5	+0.008%	$8.4M	$31.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,724.2	+0.071%	$241K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,723	+0.028%	$81.7M	$310.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,724.1	+0.065%	$1.65B	$10.79B	100x	as long as short
KuCoin ETHUSDTM	+0.0074%	8h	2,723.4	+0.040%	$381.8M	$577.6M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,724.6	+0.085%	$252.4M	$847.4M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,723.6	+0.047%	$1.58B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,720.8	−0.056%	$4.9M	$172K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,724.7	+0.087%	$6.30B	$16.12B	150x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,722.4	+0.004%	$54.2M	$182.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,723.8	+0.056%	$112.0M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725	+0.099%	$23.4M	$102.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,724.4	+0.076%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.7	+0.051%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.9	+0.208%	$15.3M	$7.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.9	+0.060%	$14.0M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.5	+0.118%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.2	+0.069%	$31.9M	$333.5M	50x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,722.3	long leg	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,724.2	+0.070%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.1	+0.068%	$3.31B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.7	+0.051%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.3	−0.002%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.2	−0.003%	$133.6M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	−0.021%	$185.2M	$682.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,722.8	+0.020%	$158.2M	$81.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	+0.066%	$20.9M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.5	+0.118%	—	$445K	50x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,724.6	+0.084%	$11.2M	$9.4M	50x
Bullet ETH-USD	+0.0100%	1h	2,723.1	+0.029%	$183K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.6	+0.086%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.1	+0.028%	$955K	$10.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,722.7	+0.014%	$262.3M	$64.4M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.2	+0.179%	$162.8M	$356.2M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.9	+0.023%	$30.4M	$71.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,723.5	+0.044%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,723.8	+0.056%	$46.6M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724.6	+0.084%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0180%	1h	2,722.1	−0.008%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,725.2	+0.108%	$32.1M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0462%	1h	2,723.4	+0.042%	$20K	$23K	25x	as long as short