Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.058%

Price spread now: BloFin against Deribit+0.044%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

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

costs, in and out, $10k−$470.473% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.432%+$43 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.044%, 7d avg +0.016%

Together, before fees+0.431%+$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.028% dearer against Deribit than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of +0.016%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours. Mind the row above: over the last 7 days funding on this pair paid +0.432%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4573	0.0406	pay 0.0051% / 1h	8m 48s	$31K	$431K	25x
Short	BloFin ONDO-USDT	0.4575	0.0340	get 0.0170% / 4h	1h 08m	$3.3M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$13.86
Price spread: +0.044% → +0.016%: $2.79
Slippage, 4 orders: −$28.34
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$58.41
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Deribit: live order book, 10 min ago; BloFin: live order book, 4 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, 10 min ago	4.34 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	6.57 bp	12.6 bp −$13	17.6 bp −$176	34.9 bp −$3,494	119.1 bp −$59.5K

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	−0.0352%	1h	0.4573	−0.005%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4571	−0.041%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4570	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	−0.082%	$432K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4574	+0.016%	$730K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4570	−0.059%	$67.9M	$226.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4568	−0.109%	$74.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4568	−0.109%	$17.8M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4551	−0.492%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4566	−0.156%	—	—	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	0.4566	−0.153%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4569	−0.087%	$49.2M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4570	−0.066%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4570	−0.066%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4568	−0.109%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4560	−0.287%	$786K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	−0.229%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4568	−0.104%	$421K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4565	−0.175%	$163K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4574	+0.026%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4566	−0.153%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4574	+0.022%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4576	+0.066%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4572	−0.022%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4567	−0.139%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4568	−0.108%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	+0.042%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4586	+0.280%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0143%	1h	0.4574	+0.026%	$231K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.109%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.481%	$301K	$862K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4575	+0.044%	$3.3M	$3.2M	75x
Hyperliquid ONDO	+0.0379%	1h	0.4574	+0.012%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4571	−0.055%	$376	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0406%	1h	0.4573	long leg	$31K	$431K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0187%	1h	0.4570	−0.066%	$545K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4581	+0.171%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4573	−0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5341%	1h	0.4564	−0.188%	$258K	$129K	5x	as long as short