Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0347%/8h= +38.0% APRpaid last 24h +0.015%

Price spread now: Deribit against Bybit+0.070%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.070%, 7d avg +0.049%

Together, before fees−0.005%−$1 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 0.020% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.049%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.065% in total (about 3.4% 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	Bybit ONDOUSDT	0.4305	0.0100	pay 0.0050% / 4h	2h 23m	$67.2M	$126.0M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4308	0.0447	get 0.0056% / 1h	23m 21s	$18K	$362K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.070%Rate

Funding earned: $72.87
Price spread: +0.070% → +0.049%: $2.05
Slippage, 4 orders: −$19.17
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $37.75
Costs to cover: 0.372%
Break-even: 3.4 days

Slippage from Bybit: live order book, 6 min ago; Deribit: live order book, 25 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 Bybit live order book, 6 min ago	1.16 bp	8.2 bp −$8	13.5 bp −$135	50.6 bp −$5,060	doesn't fit
Sell Deribit live order book, 25 min ago	5.76 bp	9.3 bp −$9	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	−0.0242%	1h	0.4305	+0.001%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4306	+0.021%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4305	+0.003%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.109%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4310	+0.125%	$1.1M	$2.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0096%	1h	0.4306	+0.026%	$354	$2K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4307	+0.046%	$347K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4308	+0.079%	$35.9M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4310	+0.116%	$770K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4309	+0.090%	$62.1M	$236.5M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDTlong	+0.0100%	4h	0.4305	long leg	$67.2M	$126.0M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4305	0.000%	$17.2M	$73.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4298	−0.172%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4304	−0.026%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4306	+0.023%	$12.1M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4307	+0.046%	$42.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4305	0.000%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4306	+0.023%	$24.7M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4307	+0.046%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4309	+0.086%	$176K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4294	−0.260%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4298	−0.152%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4298	−0.167%	$396K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	−0.093%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4308	+0.074%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4306	+0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4308	+0.070%	$448	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4319	+0.325%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4310	+0.116%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4305	−0.009%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4305	+0.007%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4309	+0.081%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4308	+0.070%	$216K	$757K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4301	−0.102%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4308	+0.070%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0447%	1h	0.4308	+0.070%	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4306	+0.017%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4307	+0.046%	$2K	—	20x	as long as short