Funding arb · Price arb /

ONDO

all ONDO markets

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: Bybit against Polymarket Perps+0.025%7-day average −0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.886%−$89 · spread now +0.025%, 7d avg −0.107%

Together, before fees−0.951%−$95 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: Bybit is 0.132% dearer against Polymarket Perps than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4416	0.0100	pay 0.0013% / 1h	1m 44s	$80K	$1.3M	10x
Short	Bybit ONDOUSDT	0.4417	0.0100	get 0.0050% / 4h	2h 01m	$69.9M	$122.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0
Price spread: +0.025% → −0.107%: $13.18
Slippage, 4 orders: −$11.96
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.79
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 7 min ago; Bybit: 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, 7 min ago	2.73 bp	6.7 bp −$7	7.8 bp −$78	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.13 bp	6.8 bp −$7	14.5 bp −$145	56.2 bp −$5,618	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	−0.0362%	1h	0.4412	−0.080%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.287%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4415	−0.021%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.444%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4414	−0.043%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4415	−0.020%	$381K	$833K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4419	+0.066%	$673K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4418	+0.045%	$64.1M	$226.6M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4417	+0.025%	$69.9M	$122.6M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	+0.002%	$17.1M	$72.9M	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	0.4389	−0.620%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4411	−0.109%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4415	−0.020%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4416	+0.002%	$46.8M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4415	−0.020%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4416	+0.002%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4418	+0.048%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.525%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.537%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.385%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.609%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4416	long leg	$80K	$1.3M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4416	+0.002%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	−0.020%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.183%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	−0.099%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4415	−0.010%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4417	+0.034%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0175%	1h	0.4417	+0.027%	$197K	$988K	15x	as long as short
Phemex ONDOUSDT	+0.0187%	4h	0.4414	−0.043%	$4.2M	$7.5M	50x	as long as short
Hyperliquid ONDO	+0.0227%	1h	0.4417	+0.029%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.138%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4393	−0.521%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4416	+0.007%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4416	+0.002%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4415	−0.024%	$487K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4420	+0.097%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4416	+0.002%	$2K	—	20x	as long as short