Nado vs Ondo Perps Funding Arbitrage
25 shared markets · net of estimated fees · updated every few minutesNado and Ondo Perps both quote 25 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 SPCX — long Nado / short Ondo Perps at 37.0% net APR — but the median across all shared markets is 17.7%, 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 18 markets go long on Nado and 7 on Ondo Perps. 24 markets clear 5% net APR, 20 clear 10%.
How this pair behaves
Nado pays funding every 24h on 72 markets; Ondo Perps pays every 1h on 64 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. Nado quotes 72 perpetual markets in total and Ondo Perps quotes 64; the 25 they share are what this page ranks. Across its own book Nado runs a median funding rate of -3.1% and Ondo Perps 5.5% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 25 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SKHY | Ondo Perps | Nado | 157.1% | 159.7% | -8.6% | $97K |
| CRCL | Nado | Ondo Perps | 117.7% | 119.7% | -7.3% | $81K |
| META | Nado | Ondo Perps | 59.1% | 61.2% | +11.3% | $196K |
| ORCL | Nado | Ondo Perps | 55.1% | 58.0% | -11.0% | $24K |
| INTC | Ondo Perps | Nado | 46.8% | 49.6% | -3.8% | $95K |
| NVDA | Nado | Ondo Perps | 40.3% | 42.1% | +18.6% | $307K |
| GOOGL | Nado | Ondo Perps | 40.2% | 42.4% | +2.8% | $128K |
| AMZN | Nado | Ondo Perps | 37.3% | 39.4% | -0.1% | $103K |
| SPCX | Nado | Ondo Perps | 37.0% | 39.3% | -0.4% | $2.7M |
| AMD | Nado | Ondo Perps | 33.5% | 35.6% | +1.8% | $140K |
| NBIS | Ondo Perps | Nado | 23.8% | 26.6% | +20.7% | $106K |
| MU | Ondo Perps | Nado | 21.3% | 23.1% | +3.9% | $544K |
| TSLA | Nado | Ondo Perps | 17.7% | 20.0% | -1.8% | $98K |
| XAG | Ondo Perps | Nado | 16.8% | 18.5% | +11.2% | $307K |
| MRVL | Ondo Perps | Nado | 15.1% | 17.3% | +13.5% | $79K |
| AAPL | Ondo Perps | Nado | 14.1% | 15.8% | -10.7% | $95K |
| WTI | Nado | Ondo Perps | 13.8% | 15.5% | +12.5% | $849K |
| AVGO | Nado | Ondo Perps | 12.7% | 16.9% | -2.7% | $186K |
| SNDK | Nado | Ondo Perps | 12.2% | 14.2% | -4.7% | $928K |
| SPY | Nado | Ondo Perps | 10.8% | 12.3% | -0.7% | $243K |
| SOL | Nado | Ondo Perps | 9.4% | 11.6% | +3.6% | $502K |
| QQQ | Nado | Ondo Perps | 7.0% | 8.5% | -3.1% | $734K |
| MSTR | Nado | Ondo Perps | 6.8% | 9.6% | -5.1% | $86K |
| MSFT | Nado | Ondo Perps | 5.4% | 7.0% | +3.3% | $148K |
| USDJPY | Nado | Ondo Perps | 0.6% | 7.2% | +4.9% | $2K |
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: Nado and Ondo Perps share 25 markets, 1 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.
Nado vs Ondo Perps — FAQ
How many markets can you arbitrage between Nado and Ondo Perps?
25 perpetual markets are quoted on both Nado and Ondo Perps right now. 24 of them show a net spread of at least 5% APR after estimated fees, and 1 have at least $1M of 24h volume on the smaller leg.
What is the best Nado / Ondo Perps funding spread right now?
SPCX: long Nado and short Ondo Perps for about 37.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 25 shared markets is 17.7%, so the top of the list is not typical.
Which side pays on the Nado / Ondo Perps pair?
It varies by market: Nado is the long (funding-receiving) leg in 18 of the shared markets and Ondo Perps in the other 7. The direction is set per market by which venue currently prices funding lower.
Trading the Nado / 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: Nado funding rates · Ondo Perps funding rates; the full calculation is in the methodology.