Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0303%/8h= −33.2% APRpaid last 24h −0.014%

Price spread now: Binance against Deribit+0.196%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now +0.196%, 7d avg −0.002%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.198% dearer against Deribit than usual: you sell high and buy low (spread +0.196% now, against its 7-day average of −0.002%): +$20 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.033% in total) that is about 39 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.8% 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	Deribit ONDO_USDC-PERPETUAL	0.4595	0.0403	pay 0.0050% / 1h	56m 46s	$37K	$436K	25x
Short	Binance ONDOUSDT	0.4604	0.0100	get 0.0050% / 4h	56m 46s	$68.6M	$227.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpOrdersPrice spread, now +0.196%Rate

Funding earned: −$63.63
Price spread: +0.196% → −0.002%: $19.83
Slippage, 4 orders: −$21.2
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$82.01
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Deribit: live order book, 22 min ago; Binance: 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 Deribit live order book, 22 min ago	4.34 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.09 bp	6.8 bp −$7	13.4 bp −$134	45.5 bp −$4,554	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	−0.0794%	1h	0.4591	−0.085%	$2.8M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.588%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4592	−0.061%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4593	−0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4593	−0.044%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4599	+0.096%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4604	+0.196%	$68.6M	$227.1M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4601	+0.131%	$74.6M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4601	+0.131%	$17.9M	$81.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4585	−0.213%	$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	0.4588	−0.156%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4592	−0.065%	$12.1M	$17.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4596	+0.022%	$49.7M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4594	−0.022%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4602	+0.152%	$26.1M	$41.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4595	0.000%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.416%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4584	−0.231%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4588	−0.152%	$423K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4581	−0.305%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4595	−0.007%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4591	−0.087%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4593	−0.044%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4600	+0.109%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4593	−0.044%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4587	−0.165%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4595	+0.003%	$409K	$851K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4592	−0.066%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4593	−0.050%	$38K	$257K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0267%	1h	0.4596	+0.024%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4588	−0.152%	$301K	$859K	50x	as long as short
Hyperliquid ONDO	+0.0314%	1h	0.4606	+0.248%	$40.9M	$26.9M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4593	−0.044%	$3.3M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0403%	1h	0.4595	long leg	$37K	$436K	25x
01 Exchange ONDOUSD	+0.0448%	1h	0.4596	+0.011%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4592	−0.062%	$548K	—	100x	as long as short
Lighter ONDO	+0.1024%	1h	0.4611	+0.357%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4593	−0.053%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6609%	1h	0.4599	+0.089%	$260K	$129K	5x	as long as short