Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Polymarket Perps−0.176%46s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.579% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.176%, 7d avg −0.049%

Together, before fees−0.133%−$13 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: Phemex is 0.127% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.049%. The two prices were read 46 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	Polymarket Perps ONDO-USD	0.4369	0.0100	pay 0.0013% / 1h	6m 37s	$61K	$1.4M	10x
Short	Phemex ONDOUSDT	0.4361	0.0100	get 0.0050% / 4h	2h 06m	$4.2M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.176%Rate

Funding earned: $0
Price spread: −0.176% → −0.049%: −$12.74
Slippage, 4 orders: −$37.88
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$70.62
Costs to cover: 0.579%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	1.15 bp	5.1 bp −$5	5.3 bp −$53	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	8.01 bp	24.3 bp −$24	30.7 bp −$307	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	−0.0239%	1h	0.4362	−0.144%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4360	−0.199%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0009%	1h	0.4360	−0.194%	$245K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.562%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4368	−0.014%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4370	+0.024%	$349K	$893K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4369	−0.002%	$36.9M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4370	+0.030%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4370	+0.028%	$63.6M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4367	−0.039%	$68.2M	$126.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4368	−0.016%	$17.4M	$74.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4357	−0.275%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4365	−0.077%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4364	−0.108%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4367	−0.039%	$43.6M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4364	−0.108%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4369	+0.007%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4366	−0.062%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4364	−0.119%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4359	−0.228%	$642K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4361	−0.181%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4360	−0.193%	$408K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4362	−0.153%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4369	long leg	$61K	$1.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4363	−0.130%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4365	−0.085%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4364	−0.108%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4370	+0.030%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4361	−0.176%	$4.2M	$8.4M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4367	−0.037%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4367	−0.044%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4366	−0.067%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0152%	1h	0.4371	+0.048%	$360	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	−0.062%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4371	+0.050%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4364	−0.108%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0202%	1h	0.4360	−0.194%	$497K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0667%	1h	0.4364	−0.108%	$18K	$362K	25x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4367	−0.039%	$2K	—	20x	as long as short