Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Phemex+0.069%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$480.482% 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 4 days (all we have)+0.182%+$18 · spread now +0.069%, 7d avg +0.046%

Together, before fees+0.369%+$37 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 0.023% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4328	0.0100	pay 0.0050% / 4h	3h 42m	$4.2M	$9.0M	50x
Short	Polymarket Perps ONDO-USD	0.4331	0.0100	get 0.0013% / 1h	42m 35s	$60K	$1.4M	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 +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.046%: $2.33
Slippage, 4 orders: −$28.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$45.92
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Polymarket Perps: live order book, 21 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, 6 min ago	5.76 bp	16.4 bp −$16	26.0 bp −$260	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 21 min ago	2.08 bp	10.1 bp −$10	10.6 bp −$106	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	−0.0177%	1h	0.4327	−0.033%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4327	−0.023%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4325	−0.062%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.545%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4336	+0.185%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	+0.139%	$346K	$885K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4337	+0.204%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4335	+0.161%	$63.3M	$233.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4333	+0.116%	$68.3M	$121.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4336	+0.185%	$17.3M	$71.9M	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	0.4327	−0.023%	$71K	$80K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4335	+0.163%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4332	+0.092%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	+0.069%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4330	+0.046%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4333	+0.116%	$24.9M	$36.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4332	+0.092%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	+0.053%	$180K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	+0.249%	$682K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4341	+0.291%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4343	+0.344%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4341	+0.300%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USDshort	+0.0100%	1h	0.4331	+0.069%	$60K	$1.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4326	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4326	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4327	−0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4336	+0.185%	$129K	$369K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4328	long leg	$4.2M	$9.0M	50x
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4332	+0.086%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4333	+0.113%	$364K	$831K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4329	+0.021%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4320	−0.185%	$213K	$729K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4344	+0.377%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4338	+0.233%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	+0.092%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4329	+0.029%	$495K	—	100x	as long as short
Hyperliquid ONDO	+0.0635%	1h	0.4336	+0.187%	$36.6M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4327	−0.017%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2152%	1h	0.4331	+0.061%	$243K	$155K	5x	as long as short