Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0673%/8h= +73.7% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Phemex+0.082%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 3 days (all we have)+0.169%+$17 · spread now +0.082%, 7d avg +0.058%

Together, before fees+0.357%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Polymarket Perps is 0.024% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.187% in total (about 9.8% a year). A funding rate is set anew for every payment. 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	Phemex ONDOUSDT	0.4509	−0.0573	get 0.0287% / 4h	3h 32m	$5.0M	$6.0M	50x
Short	Polymarket Perps ONDO-USD	0.4513	0.0100	get 0.0013% / 1h	32m 16s	$72K	$997K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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 PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now +0.082%Rate

Funding earned: $141.33
Price spread: +0.082% → +0.058%: $2.44
Slippage, 4 orders: −$26.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $96.93
Costs to cover: 0.468%
Break-even: 2.2 days

Slippage from Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 16 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 Phemex live order book, 2 min ago	2.22 bp	15.7 bp −$16	30.5 bp −$305	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 16 min ago	3.37 bp	7.4 bp −$7	7.8 bp −$78	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_ONDOUSD	−0.0940%	1h	0.4506	−0.062%	$2.9M	$7.3M	50x	as long as short
Phemex ONDOUSDTlong	−0.0573%	4h	0.4509	long leg	$5.0M	$6.0M	50x
Bybit ONDOUSDT	−0.0098%	4h	0.4506	−0.067%	$71.6M	$112.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4511	+0.044%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	−0.070%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.063%	$994	$82K	5.5x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4510	+0.031%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4509	+0.006%	$440K	$647K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4509	+0.001%	$66.9M	$217.8M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4505	−0.089%	$17.7M	$78.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4488	−0.466%	$74K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4513	+0.091%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4503	−0.133%	$11.8M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	−0.111%	$52.2M	$44.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4510	+0.022%	$13.9M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4510	+0.022%	$25.7M	$40.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4505	−0.089%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4514	+0.113%	$224K	$940K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4492	−0.387%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4489	−0.434%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4487	−0.488%	$423K	$856K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	−0.067%	$159K	$326K	50x	as long as short
Polymarket Perps ONDO-USDshort	+0.0100%	1h	0.4513	+0.082%	$72K	$997K	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4508	−0.022%	$25K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4510	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4509	0.000%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.177%	$124K	$513K	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4508	−0.014%	$404K	$995K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4511	+0.044%	$36K	—	3x	as long as short
Aster ONDOUSDT	+0.0118%	4h	0.4510	+0.023%	$757K	$1.9M	20x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4504	−0.118%	$29K	$222K	10x	as long as short
01 Exchange ONDOUSD	+0.0296%	1h	0.4514	+0.120%	$372	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4508	−0.022%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0456%	1h	0.4516	+0.144%	$41.0M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0472%	1h	0.4513	+0.089%	$318K	$804K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0612% / S −0.0203%	1h	0.4505	−0.081%	$560K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4516	+0.144%	$1.2M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1136%	1h	0.4510	+0.018%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.7147%	1h	0.4513	+0.079%	$255K	$117K	5x	as long as short