ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0144%/8h= +15.8% APRnext payment +$0.18 per $10,000 · paid last 24h +0.004%

Price spread now: Phoenix against Polymarket Perps−0.116%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now −0.116%, 7d avg +0.003%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.120% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of +0.003%). If the spread goes back, that is −$12 on $10k: about 2.8 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4553	0.0100	pay 0.0013% / 1h	21m 32s	$69K	$1.2M	10x
Short	Phoenix ONDO	0.4548	0.0244	get 0.0031% / 1h	21m 32s	$38K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.116%Rate

Funding earned: $30.26
Price spread: −0.116% → +0.003%: −$11.97
Slippage, 4 orders: −$23.26
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.97
Costs to cover: 0.383%
Break-even: 11.6 days

Slippage from Polymarket Perps: live order book, 2 min ago; Phoenix: live order book, 51 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	2.09 bp	6.1 bp −$6	6.7 bp −$67	doesn't fit	doesn't fit
Sell Phoenix live order book, 51 min ago	1.09 bp	12.6 bp −$13	43.6 bp −$436	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	−0.0801%	1h	0.4553	−0.001%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.318%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4556	+0.045%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4556	+0.055%	$25K	$8K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4553	−0.010%	$722K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4551	−0.053%	$68.0M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4551	−0.055%	$73.8M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4551	−0.055%	$17.6M	$80.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4527	−0.575%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4551	−0.057%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4548	−0.121%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4551	−0.055%	$48.6M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4552	−0.033%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4551	−0.055%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4551	−0.055%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4556	+0.057%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.165%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4538	−0.345%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4543	−0.238%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4539	−0.318%	$172K	$311K	50x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4551	−0.044%	$437K	$710K	10x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4553	long leg	$69K	$1.2M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4551	−0.055%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4555	+0.033%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4566	+0.275%	$134K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4555	+0.033%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4550	−0.073%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	−0.084%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4558	+0.092%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0124%	1h	0.4554	+0.015%	$40.3M	$26.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4558	+0.099%	$35K	$437K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4548	−0.116%	$38K	$257K	10x
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4556	+0.055%	$297K	$846K	50x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4554	+0.009%	$375	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4542	−0.253%	$3.3M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4556	+0.058%	$544K	—	100x	as long as short
Lighter ONDO	+0.0752%	1h	0.4559	+0.125%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4550	−0.069%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3643%	1h	0.4551	−0.051%	$258K	$132K	5x	as long as short