Ondo Perps and Paragon both quote 1 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 right now is AVGO — long Ondo Perps / short Paragon at 11.0% net APR — but the median across all shared markets is 11.0%, 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 1 markets go long on Ondo Perps and 0 on Paragon. 1 markets clear 5% net APR, 1 clear 10%.

Ondo Perps pays funding every 1h on 62 markets; Paragon pays every 1h on 17 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 62 perpetual markets in total and Paragon quotes 17; the 1 they share are what this page ranks. Across its own book Ondo Perps runs a median funding rate of 5.5% and Paragon 6.6%, so the edge here comes from individual markets rather than from a standing gap between the venues.

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: Ondo Perps and Paragon share 1 markets, 0 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.