Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.025%

Price spread now: Deribit against Bitget+0.022%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.123%−$12 · spread now +0.022%, 7d avg +0.012%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4522	0.0100	pay 0.0050% / 4h	2h 56m	$25.5M	$41.0M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4523	0	get 0.0000% / 1h	56m 37s	$20K	$344K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$21
Price spread: +0.022% → +0.012%: $1.06
Slippage, 4 orders: −$26.49
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$65.43
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Deribit: live order book, 32 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 Bitget live order book, 2 min ago	2.19 bp	11.4 bp −$11	18.4 bp −$184	81.7 bp −$8,172	doesn't fit
Sell Deribit live order book, 32 min ago	8.89 bp	12.4 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	−0.1123%	1h	0.4527	+0.117%	$3.1M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4523	+0.022%	$20K	$344K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4525	+0.057%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.344%	$994	$82K	5.5x	as long as short
Variational Omni ONDO	+0.0062%	4h	0.4524	+0.035%	$799K	$2.0M	—	as long as short
Bybit ONDOUSDT	+0.0068%	4h	0.4526	+0.088%	$73.6M	$116.7M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	+0.088%	$433K	$669K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4531	+0.192%	$40.8M	$27.7M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4530	+0.177%	$757K	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4527	+0.107%	$66.7M	$221.5M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4520	−0.044%	$17.7M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4556	+0.759%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4521	−0.031%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4521	−0.022%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4526	+0.088%	$48.3M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4523	+0.022%	$14.0M	$10.4M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4522	long leg	$25.5M	$41.0M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4522	0.000%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4528	+0.130%	$226K	$941K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4539	+0.387%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4550	+0.619%	$428K	$925K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	+0.420%	$160K	$329K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4526	+0.091%	$78K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4523	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4524	+0.044%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4533	+0.243%	$125K	$513K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4524	+0.044%	$4.9M	$6.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4520	−0.043%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4520	−0.044%	$405K	$994K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4526	+0.081%	$36K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4508	−0.318%	$29K	$220K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4523	+0.020%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0320%	1h	0.4533	+0.243%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4541	+0.420%	$311K	$837K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4522	0.000%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4524	+0.033%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	+0.034%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.8770%	1h	0.4530	+0.176%	$256K	$117K	5x	as long as short