Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.015%

Price spread now: Bybit against Deribit−0.116%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now −0.116%, 7d avg −0.049%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.067% cheaper against Deribit than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of −0.049%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.065%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4304	0	get 0.0000% / 1h	39m 37s	$18K	$362K	25x
Short	Bybit ONDOUSDT	0.4299	0.0100	get 0.0050% / 4h	2h 39m	$66.8M	$125.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.116%Rate

Funding earned: $21
Price spread: −0.116% → −0.049%: −$6.7
Slippage, 4 orders: −$19.59
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.29
Costs to cover: 0.376%
Break-even: 14.8 days

Slippage from Deribit: live order book, 9 min ago; Bybit: 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, 9 min ago	5.76 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.16 bp	8.9 bp −$9	15.5 bp −$155	47.5 bp −$4,746	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	−0.0243%	1h	0.4301	−0.076%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4304	long leg	$18K	$362K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4300	−0.098%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0024%	1h	0.4302	−0.038%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.134%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4297	−0.153%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4306	+0.037%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4302	−0.046%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4297	−0.157%	$350K	$876K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4303	−0.035%	$36.0M	$25.7M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4303	−0.014%	$775K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4302	−0.055%	$61.9M	$234.9M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4299	−0.116%	$66.8M	$125.6M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4301	−0.070%	$17.1M	$72.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4298	−0.132%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4300	−0.102%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4302	−0.046%	$12.0M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4302	−0.046%	$42.3M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4300	−0.093%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4301	−0.070%	$24.6M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4301	−0.070%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4302	−0.042%	$176K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	+0.066%	$646K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.398%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4328	+0.556%	$408K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4322	+0.418%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4299	−0.123%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4303	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4303	−0.023%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4312	+0.186%	$127K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4302	−0.046%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4301	−0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4300	−0.101%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4304	+0.001%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.976%	$218K	$767K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4323	+0.448%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	+0.070%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4298	−0.135%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4298	−0.138%	$2K	—	20x	as long as short