Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Polymarket Perps−0.060%45s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as 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−$410.405% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.060%, 7d avg −0.029%

Together, before fees+0.388%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.031% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.029%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$7 a day). The two prices were read 45 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	0.4325	0.0100	pay 0.0013% / 1h	0m 29s	$61K	$1.4M	10x
Short	BloFin ONDO-USDT	0.4322	0.0340	get 0.0170% / 4h	1h 00m	$3.1M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.060%Rate

Funding earned: $50.4
Price spread: −0.060% → −0.029%: −$3.1
Slippage, 4 orders: −$20.5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $6.79
Costs to cover: 0.405%
Break-even: 6.1 days

Slippage from Polymarket Perps: live order book, 3 min ago; BloFin: live order book, 3 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	2.78 bp	8.3 bp −$8	8.4 bp −$84	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	3.47 bp	13.9 bp −$14	15.0 bp −$150	30.0 bp −$2,999	95.2 bp −$47.6K

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	−0.0146%	1h	0.4319	−0.134%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4319	−0.133%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.628%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4323	−0.035%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	−0.049%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	−0.037%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4322	−0.065%	$62.5M	$233.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4322	−0.060%	$67.8M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4324	−0.014%	$17.2M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4328	+0.067%	$71K	$81K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4321	−0.076%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	−0.129%	$12.7M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	−0.037%	$43.3M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.106%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4324	−0.014%	$24.6M	$36.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4320	−0.106%	—	$770K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	−0.076%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4318	−0.159%	$728K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4324	−0.020%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	−0.038%	$401K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4326	+0.032%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4325	long leg	$61K	$1.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−0.129%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4322	−0.060%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−0.083%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.079%	$128K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4322	−0.060%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4320	−0.116%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	−0.076%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	−0.057%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4324	−0.025%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4328	+0.079%	$214K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0275%	1h	0.4327	+0.065%	$36.4M	$27.1M	10x	as long as short
dYdX ONDO-USD	+0.0282%	1h	0.4320	−0.114%	$242K	$156K	5x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4326	+0.035%	$35K	$223K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4322	−0.060%	$3.1M	$3.2M	75x
Deribit ONDO_USDC-PERPETUAL	+0.0445%	1h	0.4322	−0.060%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4319	−0.135%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4320	−0.107%	$2K	—	20x	as long as short