Extended vs Ondo Perps Funding Arbitrage
15 shared markets · net of estimated fees · updated every few minutesExtended and Ondo Perps both quote 15 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is SOXL — long Ondo Perps / short Extended at 38.3% net APR — but the median across all shared markets is 10.8%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 7 markets go long on Extended and 8 on Ondo Perps. 10 markets clear 5% net APR, 8 clear 10%.
How this pair behaves
Extended pays funding every 1h on 148 markets; Ondo Perps pays every 1h on 65 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Extended quotes 148 perpetual markets in total and Ondo Perps quotes 65; the 15 they share are what this page ranks. Across its own book Extended runs a median funding rate of 3.5% and Ondo Perps 5.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 15 of 15 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| TTWO | Ondo Perps | Extended | 278.5% | 286.3% | +6.7% | $25K |
| PURR | Ondo Perps | Extended | 78.2% | 81.6% | -15.3% | $16K |
| SOXL | Ondo Perps | Extended | 38.3% | 40.0% | +10.7% | $2.6M |
| XAG | Ondo Perps | Extended | 35.1% | 37.4% | +13.4% | $3.4M |
| XAU | Ondo Perps | Extended | 30.0% | 31.3% | +2.9% | $50.7M |
| ENA | Extended | Ondo Perps | 21.8% | 24.1% | +2.4% | $140K |
| LIT | Extended | Ondo Perps | 14.6% | 18.0% | +6.7% | $46K |
| SPCX | Ondo Perps | Extended | 10.8% | 12.9% | +2.7% | $5.6M |
| WTI | Extended | Ondo Perps | 9.5% | 11.4% | +20.7% | $5.0M |
| GOOGL | Ondo Perps | Extended | 7.5% | 9.4% | -1.9% | $1.5M |
| MRVL | Extended | Ondo Perps | 3.8% | 5.5% | +2.8% | $140K |
| AVGO | Extended | Ondo Perps | 3.4% | 5.5% | -0.0% | $81K |
| DRAM | Extended | Ondo Perps | 3.2% | 5.5% | -3.3% | $1.3M |
| OPENAI | Ondo Perps | Extended | 2.8% | 5.2% | +5.0% | $118K |
| ARM | Extended | Ondo Perps | 2.1% | 5.5% | +9.7% | $192K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Extended vs Ondo Perps — FAQ
How many markets can you arbitrage between Extended and Ondo Perps?
15 perpetual markets are quoted on both Extended and Ondo Perps right now. 10 of them show a net spread of at least 5% APR after estimated fees, and 7 have at least $1M of 24h volume on the smaller leg.
What is the best Extended / Ondo Perps funding spread right now?
SOXL: long Ondo Perps and short Extended for about 38.3% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 15 shared markets is 10.8%, so the top of the list is not typical.
Which side pays on the Extended / Ondo Perps pair?
It varies by market: Extended is the long (funding-receiving) leg in 7 of the shared markets and Ondo Perps in the other 8. The direction is set per market by which venue currently prices funding lower.
Trading the Extended / Ondo Perps spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Extended funding rates · Ondo Perps funding rates; the full calculation is in the methodology.