Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.6483%/8h= +709.9% APRpaid last 24h +1.638%

Price spread now: dYdX against Bitget−0.167%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$412as in the Price arb table

costs, in and out, $10k−$3963.960% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.684%+$268 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.167%, 7d avg −0.012%

Together, before fees+2.882%+$288 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.155% cheaper against Bitget than usual: you would sell low and buy high (spread −0.167% now, against its 7-day average of −0.012%). If the spread goes back, that is −$15 on $10k: about 2 hours of funding at the current rate (+$194 a day). At the pace of the last 7 days (+2.684% in total) that is about 10 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.684% in total (about 140.0% 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	Bitget ONDOUSDT	0.4588	0.0100	pay 0.0050% / 4h	57m 58s	$26.0M	$41.6M	50x
Short	dYdX ONDO-USD	0.4580	0.6583	get 0.0823% / 1h	57m 58s	$259K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.167%Rate

Funding earned: $1,361.43
Price spread: −0.167% → −0.012%: −$15.47
Slippage, 4 orders: −$374.04
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $949.92
Costs to cover: 3.960%
Break-even: 2.1 days

Slippage from Bitget: live order book, 1 min ago; dYdX: live order book, 21 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, 1 min ago	2.18 bp	11.4 bp −$11	19.0 bp −$190	57.7 bp −$5,765	doesn't fit
Sell dYdX live order book, 21 min ago	76.42 bp	291.5 bp −$291	475.3 bp −$4,753	494.4 bp −$49.4K	790.7 bp −$395.3K

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	−0.0795%	1h	0.4586	−0.047%	$2.8M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.436%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4587	−0.017%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4588	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4591	+0.060%	$432K	$708K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4590	+0.051%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4589	+0.029%	$68.4M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4587	−0.022%	$74.4M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4587	−0.022%	$17.9M	$81.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4585	−0.061%	$75K	$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	0.4587	−0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4585	−0.065%	$12.1M	$17.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4589	+0.022%	$49.6M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4588	0.000%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4588	long leg	$26.0M	$41.6M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4587	−0.022%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.264%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4587	−0.029%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4588	0.000%	$423K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4589	+0.022%	$164K	$307K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4593	+0.105%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4590	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4588	0.000%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4596	+0.174%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4588	0.000%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4588	−0.010%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4587	−0.020%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4572	−0.350%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4591	+0.068%	$38K	$217K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0186%	1h	0.4589	+0.022%	$36K	$436K	25x	as long as short
Hyperliquid ONDO	+0.0205%	1h	0.4592	+0.087%	$40.7M	$26.9M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0283%	1h	0.4589	+0.028%	$231K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4588	0.000%	$301K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4590	+0.044%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4594	+0.126%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4587	−0.028%	$548K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4598	+0.216%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4591	+0.061%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.6583%	1h	0.4580	−0.167%	$259K	$129K	5x