Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Aevo−0.035%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.035% cheaper against Aevo than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo ONDO-PERP	0.4545	0.0104	pay 0.0013% / 1h	31m 19s	$44K	$8K	3x
Short	Bybit ONDOUSDT	0.4543	0.0100	get 0.0050% / 4h	31m 19s	$73.6M	$123.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AevobpFee BybitbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$0.84
Price spread: −0.035% → 0.000%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.34
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	1.10 bp	8.5 bp −$8	13.2 bp −$132	43.7 bp −$4,371	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ONDOUSD	−0.0803%	1h	0.4542	−0.050%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.515%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4543	−0.029%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4543	−0.035%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4540	−0.090%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4546	+0.026%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4544	−0.013%	$68.0M	$228.1M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4543	−0.035%	$73.6M	$123.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4543	−0.035%	$17.6M	$80.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4548	+0.082%	$74K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4540	−0.111%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4540	−0.101%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4543	−0.035%	$48.7M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4543	−0.035%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4543	−0.035%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4544	−0.013%	—	$740K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4544	−0.017%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.057%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	+0.065%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	+0.053%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4548	+0.075%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4547	+0.044%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4544	−0.013%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	−0.013%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4554	+0.207%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4545	+0.009%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4540	−0.096%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4542	−0.063%	$407K	$844K	25x	as long as short
Aevo ONDO-PERPlong	+0.0104%	1h	0.4545	long leg	$44K	$8K	3x
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4544	−0.013%	$35K	$436K	25x	as long as short
Hyperliquid ONDO	+0.0207%	1h	0.4547	+0.049%	$40.2M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	+0.073%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4541	−0.079%	$297K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4544	−0.013%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4546	+0.024%	$374	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4543	−0.040%	$542K	—	100x	as long as short
Lighter ONDO	+0.0808%	1h	0.4552	+0.165%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4543	−0.042%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4192%	1h	0.4539	−0.117%	$257K	$132K	5x	as long as short