Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.008%

Price spread now: Aster against Deribit−0.037%7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$380.385% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.075%+$8 · spread now −0.037%, 7d avg +0.032%

Together, before fees+0.101%+ Points / potential airdropAster: Stage 5 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.069% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4550	0.0190	pay 0.0024% / 1h	32m 47s	$36K	$436K	25x
Short	Aster ONDOUSDT	0.4548	0.0100	get 0.0050% / 4h	32m 47s	$721K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$18.9
Price spread: −0.037% → +0.032%: −$6.89
Slippage, 4 orders: −$23.45
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$64.24
Costs to cover: 0.385%
Break-even: never at this rate

Slippage from Deribit: live order book, 46 min ago; Aster: live order book, just now.

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 Deribit live order book, 46 min ago	4.34 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, just now	2.20 bp	8.0 bp −$8	27.9 bp −$279	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	−0.0802%	1h	0.4547	−0.074%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.396%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4548	−0.038%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4548	−0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4547	−0.060%	$437K	$710K	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4548	−0.037%	$721K	$2.1M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4545	−0.114%	$68.0M	$228.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4543	−0.154%	$73.6M	$123.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4542	−0.176%	$17.6M	$80.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4548	−0.037%	$74K	$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	0.4549	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4542	−0.176%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4544	−0.132%	$48.8M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4546	−0.088%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4545	−0.110%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4545	−0.110%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4548	−0.046%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4545	−0.110%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4551	+0.020%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.022%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4551	+0.022%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4552	+0.037%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4543	−0.154%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	−0.044%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.176%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4549	−0.022%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4546	−0.090%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4542	−0.166%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4552	+0.044%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0190%	1h	0.4550	long leg	$36K	$436K	25x
Hyperliquid ONDO	+0.0221%	1h	0.4549	−0.015%	$40.3M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	−0.046%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4544	−0.132%	$297K	$843K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4551	+0.022%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4553	+0.057%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4549	−0.031%	$543K	—	100x	as long as short
Lighter ONDO	+0.0808%	1h	0.4553	+0.059%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4549	−0.029%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4230%	1h	0.4543	−0.147%	$257K	$132K	5x	as long as short