MEXC vs Ondo Perps Funding Arbitrage
13 shared markets · net of estimated fees · updated every few minutesMEXC and Ondo Perps both quote 13 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 HYPE — long MEXC / short Ondo Perps at 11.6% net APR — but the median across all shared markets is 5.8%, 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 12 markets go long on MEXC and 1 on Ondo Perps. 8 markets clear 5% net APR, 3 clear 10%.
How this pair behaves
MEXC pays funding every 4h on 291 markets and every 8h on 132 markets; Ondo Perps pays every 1h on 55 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. MEXC quotes 426 perpetual markets in total and Ondo Perps quotes 55; the 13 they share are what this page ranks. Across its own book MEXC runs a median funding rate of 10.2% 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 13 of 13 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| LIT | MEXC | Ondo Perps | 22.8% | 25.6% | +1.8% | $18K |
| NEAR | MEXC | Ondo Perps | 12.6% | 17.0% | +11.7% | $24K |
| HYPE | MEXC | Ondo Perps | 11.6% | 13.6% | +4.6% | $1.1M |
| ZEC | MEXC | Ondo Perps | 9.2% | 11.4% | +9.6% | $551K |
| ETH | MEXC | Ondo Perps | 7.9% | 9.5% | +5.1% | $3.3M |
| ONDO | MEXC | Ondo Perps | 7.1% | 9.6% | +6.1% | $24K |
| BTC | MEXC | Ondo Perps | 5.8% | 7.1% | -0.4% | $24.2M |
| SOL | MEXC | Ondo Perps | 5.6% | 7.3% | +4.5% | $171K |
| EWY | MEXC | Ondo Perps | 3.5% | 5.5% | -2.2% | $301K |
| DRAM | MEXC | Ondo Perps | 3.4% | 5.5% | -3.0% | $5.6M |
| SPY | MEXC | Ondo Perps | 3.0% | 4.5% | +0.5% | $185K |
| KORU | MEXC | Ondo Perps | 0.7% | 5.5% | +2.8% | $66K |
| OPENAI | Ondo Perps | MEXC | 0.5% | 5.4% | +5.4% | $198K |
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.
Coverage note: MEXC and Ondo Perps share 13 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
MEXC vs Ondo Perps — FAQ
How many markets can you arbitrage between MEXC and Ondo Perps?
13 perpetual markets are quoted on both MEXC and Ondo Perps right now. 8 of them show a net spread of at least 5% APR after estimated fees, and 4 have at least $1M of 24h volume on the smaller leg.
What is the best MEXC / Ondo Perps funding spread right now?
HYPE: long MEXC and short Ondo Perps for about 11.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 13 shared markets is 5.8%, so the top of the list is not typical.
Which side pays on the MEXC / Ondo Perps pair?
It varies by market: MEXC is the long (funding-receiving) leg in 12 of the shared markets and Ondo Perps in the other 1. The direction is set per market by which venue currently prices funding lower.
Trading the MEXC / 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: MEXC funding rates · Ondo Perps funding rates; the full calculation is in the methodology.