Ondo Perps vs Pacifica Funding Arbitrage
11 shared markets · net of estimated fees · updated every few minutesOndo Perps and Pacifica both quote 11 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 Ondo Perps / short Pacifica at 40.5% net APR — but the median across all shared markets is 1.8%, 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 10 markets go long on Ondo Perps and 1 on Pacifica. 3 markets clear 5% net APR, 3 clear 10%.
How this pair behaves
Ondo Perps pays funding every 1h on 60 markets; Pacifica pays every 1h on 60 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. Ondo Perps quotes 60 perpetual markets in total and Pacifica quotes 60; the 11 they share are what this page ranks. Across its own book Ondo Perps runs a median funding rate of 5.5% and Pacifica 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 11 of 11 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SPCX | Ondo Perps | Pacifica | 40.5% | 43.9% | +19.5% | $7.1M |
| MU | Ondo Perps | Pacifica | 35.5% | 39.4% | +13.5% | $4.8M |
| LIT | Pacifica | Ondo Perps | 20.4% | 25.1% | -1.4% | $29K |
| XAU | Ondo Perps | Pacifica | 2.9% | 5.4% | -0.7% | $158.1M |
| NVDA | Ondo Perps | Pacifica | 2.1% | 5.4% | +5.1% | $3.2M |
| SNDK | Ondo Perps | Pacifica | 1.8% | 5.4% | +7.4% | $5.5M |
| MSTR | Ondo Perps | Pacifica | 1.5% | 5.4% | -0.1% | $5.5M |
| TSLA | Ondo Perps | Pacifica | 1.2% | 5.4% | +7.9% | $5.6M |
| DRAM | Ondo Perps | Pacifica | 1.0% | 5.4% | +9.5% | $3.0M |
| HOOD | Ondo Perps | Pacifica | 0.9% | 5.4% | +5.0% | $1.4M |
| META | Ondo Perps | Pacifica | 0.6% | 5.4% | +4.1% | $151K |
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.
Ondo Perps vs Pacifica — FAQ
How many markets can you arbitrage between Ondo Perps and Pacifica?
11 perpetual markets are quoted on both Ondo Perps and Pacifica right now. 3 of them show a net spread of at least 5% APR after estimated fees, and 9 have at least $1M of 24h volume on the smaller leg.
What is the best Ondo Perps / Pacifica funding spread right now?
SPCX: long Ondo Perps and short Pacifica for about 40.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 11 shared markets is 1.8%, so the top of the list is not typical.
Which side pays on the Ondo Perps / Pacifica pair?
It varies by market: Ondo Perps is the long (funding-receiving) leg in 10 of the shared markets and Pacifica in the other 1. The direction is set per market by which venue currently prices funding lower.
Trading the Ondo Perps / Pacifica 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: Ondo Perps funding rates · Pacifica funding rates; the full calculation is in the methodology.