Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.9539%/8h= +1044.5% APRpaid last 24h +1.609%

Price spread now: dYdX against Bybit−0.035%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs+$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1631.629% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.590%+$259 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.035%, 7d avg +0.022%

Together, before fees+2.716%+$272 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.058% cheaper against Bybit than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.022%). If the spread goes back, that is −$6 on $10k: about under an hour of funding at the current rate (+$286 a day). At the pace of the last 7 days (+2.590% in total) that is about 4 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.590% in total (about 135.0% 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	Bybit ONDOUSDT	0.4526	0.0100	pay 0.0050% / 4h	2h 28m	$73.5M	$117.9M	50x
Short	dYdX ONDO-USD	0.4524	0.9639	get 0.1205% / 1h	28m 26s	$256K	$123K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $2,003.16
Price spread: −0.035% → +0.022%: −$5.76
Slippage, 4 orders: −$141.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: $1,834.53
Costs to cover: 1.629%
Break-even: 0.6 days

Slippage from Bybit: live order book, 6 min ago; dYdX: live order book, 60 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	1.10 bp	8.3 bp −$8	17.3 bp −$173	55.6 bp −$5,558	doesn't fit
Sell dYdX live order book, 60 min ago	27.35 bp	112.1 bp −$112	317.4 bp −$3,174	357.0 bp −$35.7K	741.4 bp −$370.7K

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	−0.1125%	1h	0.4522	−0.098%	$3.0M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4524	−0.044%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4523	−0.055%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4531	+0.106%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.088%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4523	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4525	−0.011%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4526	−0.008%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4522	−0.088%	$66.6M	$220.0M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4526	long leg	$73.5M	$117.9M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4525	−0.022%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4536	+0.212%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4526	+0.002%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4523	−0.066%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4523	−0.066%	$47.5M	$45.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4526	0.000%	$13.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4525	−0.022%	$25.6M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4523	−0.066%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4526	−0.011%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	+0.051%	$783K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	+0.046%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4527	+0.015%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4529	+0.066%	$159K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4527	+0.029%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4521	−0.110%	—	$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	+0.155%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4522	−0.088%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4525	−0.012%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4525	−0.022%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	−0.022%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0235%	1h	0.4529	+0.066%	$40.8M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.177%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4520	−0.133%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4531	+0.122%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4533	+0.163%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4522	−0.084%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4523	−0.060%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.9639%	1h	0.4524	−0.035%	$256K	$123K	5x