Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.008%

Price spread now: Deribit against BingX+0.023%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1371.369% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.023%, 7d avg +0.029%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.006% in total (about -0.3% 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	BingX ONDO-USDC	0.4427	0.0100	pay 0.0050% / 4h	1h 15m	—	$761K	—
Short	Deribit ONDO_USDC-PERPETUAL	0.4428	0.0428	get 0.0053% / 1h	15m 21s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.023%Rate

Funding earned: $68.88
Price spread: +0.023% → +0.029%: −$0.62
Slippage, 4 orders: −$119.89
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$68.63
Costs to cover: 1.369%
Break-even: 14.0 days

Slippage from BingX: live order book, 44 min ago; Deribit: live order book, 48 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 BingX live order book, 44 min ago	2.27 bp	59.0 bp −$59	107.3 bp −$1,073	573.5 bp −$57.3K	960.2 bp −$480.1K
Sell Deribit live order book, 48 min ago	6.80 bp	10.3 bp −$10	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
dYdX ONDO-USD	+0.0001%	1h	0.4426	−0.018%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4425	−0.048%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.185%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4426	−0.032%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4425	−0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4427	0.000%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4427	0.000%	$64.2M	$225.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4425	−0.045%	$70.1M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4427	0.000%	$17.1M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4426	−0.029%	$73K	$88K	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	0.4425	−0.035%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4425	−0.045%	$11.7M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4427	0.000%	$47.1M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4426	−0.023%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4427	0.000%	$25.3M	$39.5M	50x	as long as short
BingX ONDO-USDClong	+0.0100%	4h	0.4427	long leg	—	$761K	—
Variational Omni ONDO	+0.0100%	4h	0.4430	+0.060%	$718K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4435	+0.181%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4435	+0.191%	$414K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4436	+0.203%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4428	+0.020%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4427	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4427	0.000%	$460	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4441	+0.316%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4428	+0.023%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4426	−0.027%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4427	−0.009%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4425	−0.042%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0150%	1h	0.4428	+0.029%	$38.4M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0186%	4h	0.4429	+0.045%	$712K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0205%	1h	0.4426	−0.029%	$192K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4440	+0.296%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4435	+0.181%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4428	+0.032%	$364	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4427	0.000%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0428%	1h	0.4428	+0.023%	$23K	$349K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4424	−0.072%	$488K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4433	+0.138%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4427	+0.004%	$2K	—	20x	as long as short