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: BingX against Polymarket Perps+0.046%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1351.355% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 4 days (all we have)−1.038%−$104 · spread now +0.046%, 7d avg −0.075%

Together, before fees−1.040%−$104 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: BingX is 0.121% dearer against Polymarket Perps than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4330	0.0100	pay 0.0013% / 1h	34m 33s	$60K	$1.4M	10x
Short	BingX ONDO-USDC	0.4332	0.0100	get 0.0050% / 4h	3h 34m	—	$781K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.046%Rate

Funding earned: $0
Price spread: +0.046% → −0.075%: $12.1
Slippage, 4 orders: −$117.47
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$123.37
Costs to cover: 1.355%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 29 min ago; BingX: live order book, 9 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, 29 min ago	2.08 bp	6.1 bp −$6	6.2 bp −$62	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	2.31 bp	53.9 bp −$54	107.4 bp −$1,074	717.6 bp −$71.8K	996.2 bp −$498.1K

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	−0.0176%	1h	0.4334	+0.083%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4335	+0.115%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4333	+0.072%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.497%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4336	+0.145%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	+0.081%	$345K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4334	+0.092%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4331	+0.029%	$63.3M	$233.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4329	−0.023%	$68.2M	$121.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4330	0.000%	$17.3M	$71.5M	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	0.4337	+0.166%	$71K	$79K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4330	+0.005%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4331	+0.023%	$13.3M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	+0.023%	$44.4M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4332	+0.046%	$12.2M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4331	+0.023%	$24.9M	$36.4M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4332	+0.046%	—	$781K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4334	+0.085%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4332	+0.041%	$681K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4332	+0.039%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	+0.046%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4340	+0.231%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4330	long leg	$60K	$1.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4332	+0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4334	+0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4334	+0.092%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4342	+0.277%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4333	+0.069%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4331	+0.014%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	+0.009%	$361K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4335	+0.115%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	+0.231%	$214K	$720K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4332	+0.037%	$356	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4340	+0.233%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4337	+0.162%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0582% / S −0.0208%	1h	0.4332	+0.044%	$501K	—	100x	as long as short
Hyperliquid ONDO	+0.0604%	1h	0.4337	+0.166%	$36.5M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4333	+0.075%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3021%	1h	0.4333	+0.074%	$243K	$155K	5x	as long as short