Gate.io vs Ondo Perps Funding Arbitrage
29 shared markets · net of estimated fees · updated every few minutesGate.io and Ondo Perps both quote 29 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 DRAM — long Ondo Perps / short Gate.io at 163.7% net APR — but the median across all shared markets is 3.0%, 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 20 markets go long on Gate.io and 9 on Ondo Perps. 11 markets clear 5% net APR, 7 clear 10%.
How this pair behaves
Gate.io pays funding every 8h on 231 markets and every 4h on 201 markets; Ondo Perps pays every 1h on 66 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Gate.io quotes 434 perpetual markets in total and Ondo Perps quotes 66; the 29 they share are what this page ranks. Across its own book Gate.io runs a median funding rate of 6.1% 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 25 of 29 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| DRAM | Ondo Perps | Gate.io | 163.7% | 166.5% | -1.3% | $7.5M |
| EWY | Ondo Perps | Gate.io | 85.7% | 88.7% | +1.4% | $1.2M |
| MINIMAX | Ondo Perps | Gate.io | 39.9% | 50.9% | +4.1% | $56K |
| UNITREE | Gate.io | Ondo Perps | 36.8% | 51.5% | -122.7% | $25K |
| CXMT | Ondo Perps | Gate.io | 33.3% | 41.8% | -35.5% | $359K |
| XAG | Ondo Perps | Gate.io | 31.2% | 33.9% | +8.1% | $4.9M |
| PURR | Ondo Perps | Gate.io | 14.7% | 27.0% | -14.8% | $22K |
| HYPE | Gate.io | Ondo Perps | 9.7% | 12.0% | +5.1% | $1.2M |
| ZHIPU | Ondo Perps | Gate.io | 9.0% | 21.5% | -7.5% | $88K |
| SOL | Gate.io | Ondo Perps | 8.0% | 10.6% | +7.9% | $525K |
| XAU | Ondo Perps | Gate.io | 5.1% | 7.2% | +1.2% | $114.4M |
| ENA | Gate.io | Ondo Perps | 3.8% | 7.2% | +9.8% | $12K |
| NVDA | Gate.io | Ondo Perps | 3.2% | 5.5% | +6.2% | $10.0M |
| HOOD | Gate.io | Ondo Perps | 3.1% | 5.5% | +8.8% | $2.1M |
| SNDK | Gate.io | Ondo Perps | 3.0% | 5.5% | +5.0% | $14.5M |
| META | Gate.io | Ondo Perps | 2.9% | 5.5% | +6.0% | $3.1M |
| PLTR | Gate.io | Ondo Perps | 2.9% | 5.5% | +1.3% | $1.5M |
| CRCL | Gate.io | Ondo Perps | 2.9% | 5.5% | +4.2% | $4.3M |
| AMZN | Gate.io | Ondo Perps | 2.9% | 5.5% | +6.9% | $2.3M |
| SPCX | Gate.io | Ondo Perps | 2.7% | 5.5% | +5.9% | $13.9M |
| GOOGL | Ondo Perps | Gate.io | 2.2% | 4.9% | -3.3% | $2.4M |
| ZEC | Gate.io | Ondo Perps | 1.7% | 4.8% | +7.5% | $293K |
| ARM | Gate.io | Ondo Perps | 1.6% | 5.5% | +6.8% | $360K |
| TSM | Gate.io | Ondo Perps | 1.5% | 5.5% | +3.6% | $138K |
| BTC | Gate.io | Ondo Perps | 1.4% | 3.5% | +4.0% | $29.4M |
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.
Gate.io vs Ondo Perps — FAQ
How many markets can you arbitrage between Gate.io and Ondo Perps?
29 perpetual markets are quoted on both Gate.io and Ondo Perps right now. 11 of them show a net spread of at least 5% APR after estimated fees, and 16 have at least $1M of 24h volume on the smaller leg.
What is the best Gate.io / Ondo Perps funding spread right now?
DRAM: long Ondo Perps and short Gate.io for about 163.7% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 29 shared markets is 3.0%, so the top of the list is not typical.
Which side pays on the Gate.io / Ondo Perps pair?
It varies by market: Gate.io is the long (funding-receiving) leg in 20 of the shared markets and Ondo Perps in the other 9. The direction is set per market by which venue currently prices funding lower.
Trading the Gate.io / 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: Gate.io funding rates · Ondo Perps funding rates; the full calculation is in the methodology.