Ondo Perps vs Risex Funding Arbitrage
20 shared markets · net of estimated fees · updated every few minutesOndo Perps and Risex both quote 20 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 XAG — long Ondo Perps / short Risex at 22.7% net APR — but the median across all shared markets is 6.6%, 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 3 markets go long on Ondo Perps and 17 on Risex. 10 markets clear 5% net APR, 9 clear 10%.
How this pair behaves
Ondo Perps pays funding every 1h on 66 markets; Risex pays every 1h on 43 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 66 perpetual markets in total and Risex quotes 43; the 20 they share are what this page ranks. Across its own book Ondo Perps runs a median funding rate of 5.5% and Risex 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 20 of 20 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOXL | Risex | Ondo Perps | 96.0% | 98.8% | -27.8% | $84K |
| MU | Risex | Ondo Perps | 46.4% | 48.2% | -6.6% | $785K |
| ENA | Risex | Ondo Perps | 24.9% | 27.8% | +9.4% | $12K |
| XAG | Ondo Perps | Risex | 22.7% | 24.2% | +0.0% | $1.9M |
| DRAM | Risex | Ondo Perps | 21.7% | 23.7% | +0.5% | $1.1M |
| ZEC | Risex | Ondo Perps | 18.0% | 20.3% | +16.7% | $293K |
| NVDA | Risex | Ondo Perps | 16.9% | 18.4% | +0.4% | $4.6M |
| HYPE | Risex | Ondo Perps | 14.9% | 16.7% | -0.6% | $1.2M |
| SOL | Risex | Ondo Perps | 12.0% | 13.7% | +10.1% | $525K |
| ETH | Ondo Perps | Risex | 9.1% | 10.6% | -9.5% | $4.1M |
| PUMP | Risex | Ondo Perps | 4.1% | 6.9% | -3.0% | $16K |
| GOOGL | Risex | Ondo Perps | 3.9% | 5.5% | -4.4% | $1.4M |
| META | Risex | Ondo Perps | 3.8% | 5.5% | -1.7% | $883K |
| SNDK | Risex | Ondo Perps | 3.7% | 5.5% | -8.7% | $2.0M |
| SPCX | Risex | Ondo Perps | 3.6% | 5.5% | -1.1% | $1.2M |
| CRCL | Risex | Ondo Perps | 3.6% | 5.5% | -0.7% | $215K |
| HOOD | Risex | Ondo Perps | 3.6% | 5.5% | +1.4% | $192K |
| NEAR | Ondo Perps | Risex | 3.6% | 8.2% | -8.9% | $25K |
| MSTR | Risex | Ondo Perps | 3.4% | 5.5% | +0.9% | $524K |
| ONDO | Risex | Ondo Perps | 1.4% | 4.8% | +1.6% | $160K |
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 Risex — FAQ
How many markets can you arbitrage between Ondo Perps and Risex?
20 perpetual markets are quoted on both Ondo Perps and Risex right now. 10 of them show a net spread of at least 5% APR after estimated fees, and 8 have at least $1M of 24h volume on the smaller leg.
What is the best Ondo Perps / Risex funding spread right now?
XAG: long Ondo Perps and short Risex for about 22.7% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 20 shared markets is 6.6%, so the top of the list is not typical.
Which side pays on the Ondo Perps / Risex pair?
It varies by market: Ondo Perps is the long (funding-receiving) leg in 3 of the shared markets and Risex in the other 17. The direction is set per market by which venue currently prices funding lower.
Trading the Ondo Perps / Risex 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 · Risex funding rates; the full calculation is in the methodology.