Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Polymarket Perps−0.007%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)−0.855%−$85 · spread now −0.007%, 7d avg −0.072%

Together, before fees−0.913%−$91 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: Bitget is 0.065% dearer against Polymarket Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4406	0.0100	pay 0.0013% / 1h	0m 03s	$80K	$1.3M	10x
Short	Bitget ONDOUSDT	0.4406	0.0100	get 0.0050% / 4h	2h 00m	$25.1M	$39.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → −0.072%: $6.48
Slippage, 4 orders: −$14.42
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$27.94
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bitget: live order book, 4 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, 3 min ago	2.38 bp	6.4 bp −$6	7.9 bp −$79	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	2.27 bp	11.5 bp −$12	18.1 bp −$181	70.5 bp −$7,049	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4403	−0.085%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	+0.109%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4402	−0.099%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.670%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4403	−0.075%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4408	+0.050%	$380K	$833K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4407	+0.016%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4405	−0.024%	$63.9M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4406	−0.007%	$69.8M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	+0.039%	$17.0M	$72.5M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.306%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4405	−0.029%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	−0.120%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4403	−0.075%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4404	−0.052%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4406	−0.007%	$25.1M	$39.5M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4403	−0.075%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.214%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4410	+0.091%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	+0.035%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	+0.129%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4406	long leg	$80K	$1.3M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4407	+0.016%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.030%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4412	+0.129%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	+0.012%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4407	+0.015%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.076%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0177%	1h	0.4404	−0.048%	$196K	$988K	15x	as long as short
Phemex ONDOUSDT	+0.0177%	4h	0.4403	−0.075%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4405	−0.030%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0221%	1h	0.4406	−0.002%	$38.6M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.356%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.275%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4409	+0.050%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4401	−0.122%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4411	+0.116%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4403	−0.082%	$2K	—	20x	as long as short