Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.013%

Price spread now: Deribit against Aster+0.046%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.046%, 7d avg −0.034%

Together, before fees−0.084%+ Points / potential airdropAster: Stage 5 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.080% dearer against Aster than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.004% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ONDOUSDT	0.4301	0.0100	pay 0.0050% / 4h	23m 58s	$765K	$2.8M	20x
Short	Deribit ONDO_USDC-PERPETUAL	0.4303	0.0448	get 0.0056% / 1h	23m 58s	$18K	$351K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: $73.08
Price spread: +0.046% → −0.034%: $7.99
Slippage, 4 orders: −$26.03
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $40.03
Costs to cover: 0.410%
Break-even: 3.2 days

Slippage from Aster: live order book, 5 min ago; Deribit: live order book, 15 min ago.

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 Aster live order book, 5 min ago	1.16 bp	11.4 bp −$11	42.8 bp −$428	doesn't fit	doesn't fit
Sell Deribit live order book, 15 min ago	8.09 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.0177%	1h	0.4300	−0.031%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	−0.050%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.207%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4305	+0.083%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4299	−0.047%	$344K	$886K	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4301	long leg	$765K	$2.8M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4301	−0.001%	$62.5M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4300	−0.024%	$67.5M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4300	−0.024%	$17.2M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	+0.399%	$71K	$80K	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	0.4298	−0.081%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4299	−0.047%	$12.8M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4301	−0.001%	$43.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4301	−0.001%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4301	−0.001%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4301	−0.001%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	−0.006%	$173K	$996K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4299	−0.054%	$675K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4307	+0.127%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	+0.099%	$409K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4311	+0.232%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.010%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4299	−0.047%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.001%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4300	−0.024%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4307	+0.139%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4300	−0.024%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4299	−0.053%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4298	−0.062%	$351K	$800K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	+0.033%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4300	−0.013%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.278%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.211%	$35K	$221K	10x	as long as short
Hyperliquid ONDO	+0.0338%	1h	0.4304	+0.062%	$36.3M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4302	+0.022%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0448%	1h	0.4303	+0.046%	$18K	$351K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4299	−0.056%	$492K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4300	−0.033%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1643%	1h	0.4296	−0.111%	$241K	$156K	5x	as long as short