Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h −0.014%

Price spread now: Bitget against Deribit+0.087%48s7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.450% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.087%, 7d avg −0.017%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.104% dearer against Deribit than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of −0.017%): +$10 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.039% in total) that is about 18 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.2% 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	0.4580	0.0405	pay 0.0051% / 1h	23m 25s	$26K	$396K	25x
Short	Bitget ONDOUSDT	0.4584	0.0100	get 0.0050% / 4h	1h 23m	$26.0M	$41.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$64.05
Price spread: +0.087% → −0.017%: $10.45
Slippage, 4 orders: −$26.01
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$98.61
Costs to cover: 0.450%
Break-even: never at this rate

Slippage from Deribit: live order book, 60 min ago; Bitget: live order book, 6 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, 60 min ago	5.53 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	2.20 bp	12.0 bp −$12	17.5 bp −$175	60.7 bp −$6,065	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	−0.0351%	1h	0.4578	−0.046%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4583	+0.072%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4577	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4587	+0.142%	$433K	$701K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4586	+0.126%	$733K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4588	+0.175%	$67.9M	$226.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4585	+0.109%	$75.4M	$121.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4583	+0.066%	$18.0M	$81.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.168%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4589	+0.195%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4590	+0.218%	$12.0M	$18.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4583	+0.066%	$48.8M	$44.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4584	+0.087%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4584	+0.087%	$26.0M	$41.9M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4590	+0.218%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4580	+0.002%	$238K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4570	−0.220%	$781K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4578	−0.049%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4578	−0.049%	$429K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4578	−0.044%	$164K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4585	+0.107%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4581	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	0.000%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4585	+0.109%	$133K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4578	−0.044%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4571	−0.187%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4590	+0.210%	$409K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.065%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	−0.085%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.262%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.022%	$301K	$868K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4577	−0.066%	$3.2M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0405%	1h	0.4580	long leg	$26K	$396K	25x
01 Exchange ONDOUSD	+0.0408%	1h	0.4595	+0.321%	$378	$2K	10x	as long as short
Hyperliquid ONDO	+0.0416%	1h	0.4590	+0.225%	$41.2M	$26.4M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0624% / S −0.0204%	1h	0.4578	−0.047%	$570K	—	100x	as long as short
Lighter ONDO	+0.0672%	1h	0.4583	+0.070%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4583	+0.063%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3531%	1h	0.4570	−0.210%	$259K	$129K	5x	as long as short