Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.002%

Price spread now: Deribit against Binance−0.020%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.025%+$3 · spread now −0.020%, 7d avg +0.005%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.025% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4404	0.0100	pay 0.0050% / 4h	2h 29m	$64.1M	$231.4M	75x
Short	Deribit ONDO_USDC-PERPETUAL	0.4403	0	get 0.0000% / 1h	29m 19s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$21
Price spread: −0.020% → +0.005%: −$2.55
Slippage, 4 orders: −$20.75
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$61.3
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Deribit: live order book, 39 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 Binance live order book, 14 min ago	1.13 bp	8.8 bp −$9	14.4 bp −$144	60.7 bp −$6,068	doesn't fit
Sell Deribit live order book, 39 min ago	4.35 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4398	−0.123%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4417	+0.293%	$250K	$130K	5x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4403	−0.020%	$23K	$349K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	+0.054%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.726%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4407	+0.070%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4414	+0.241%	$395K	$853K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4411	+0.161%	$670K	$2.1M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4404	long leg	$64.1M	$231.4M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4408	+0.093%	$69.8M	$125.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4411	+0.161%	$17.0M	$75.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	+0.041%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4416	+0.276%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4410	+0.139%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4409	+0.116%	$44.1M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4411	+0.161%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4404	+0.002%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4411	+0.161%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4421	+0.379%	$202K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	+0.112%	$767K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.103%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.131%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.116%	$136K	$367K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4419	+0.332%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4404	+0.002%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	−0.043%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4423	+0.434%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4420	+0.361%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4403	−0.013%	$398K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4406	+0.048%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0279%	1h	0.4419	+0.343%	$39.1M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.411%	$284K	$757K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4409	+0.116%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4421	+0.384%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4407	+0.063%	$487K	—	100x	as long as short
Phemex ONDOUSDT	+0.0744%	4h	0.4403	−0.020%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0816%	1h	0.4412	+0.182%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4410	+0.144%	$2K	—	20x	as long as short