Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.136%

Price spread now: Bybit against Coinbase International−0.544%7-day average −0.264% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.825%−$82 on $10k

Price spread, last 3 days (all we have)+0.334%+$33 · spread now −0.544%, 7d avg −0.264%

Together, before fees−0.491%−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.280% cheaper against Coinbase International than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.264%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4597	0.0280	pay 0.0035% / 1h	41m 45s	$299K	$824K	50x
Short	Bybit ONDOUSDT	0.4572	0.0100	get 0.0050% / 4h	3h 41m	$73.9M	$120.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.544%Rate

Funding earned: −$37.8
Price spread: −0.544% → −0.264%: −$28.02
Slippage, 4 orders: −$35.09
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$121.9
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 32 min ago; Bybit: live order book, 2 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 Coinbase International live order book, 32 min ago	8.77 bp	25.9 bp −$26	46.2 bp −$462	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	7.7 bp −$8	13.1 bp −$131	52.5 bp −$5,249	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	−0.0867%	1h	0.4607	+0.215%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4573	−0.515%	$259K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4610	+0.286%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.631%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4610	+0.283%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4606	+0.185%	$442K	$708K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4593	−0.091%	$727K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4576	−0.456%	$68.4M	$226.1M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4572	−0.544%	$73.9M	$120.8M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4569	−0.609%	$17.6M	$79.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−0.200%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4604	+0.154%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4592	−0.109%	$12.0M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4591	−0.131%	$49.7M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4598	+0.022%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4587	−0.218%	$25.9M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4589	−0.174%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4603	+0.131%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4549	−1.049%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	−0.821%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4568	−0.631%	$423K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4560	−0.805%	$174K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4611	+0.298%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	+0.305%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4611	+0.305%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4615	+0.392%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4604	+0.152%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4607	+0.207%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4591	−0.141%	$411K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4612	+0.333%	$40K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0107%	1h	0.4592	−0.104%	$40.5M	$26.1M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4611	+0.305%	$34K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4610	+0.289%	$379	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.444%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0280%	1h	0.4597	long leg	$299K	$824K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4598	+0.022%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0536%	1h	0.4582	−0.328%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4611	+0.294%	$550K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4608	+0.245%	$2K	—	20x	as long as short