Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.015%

Price spread now: edgeX against Deribit−0.324%7-day average −0.010% · 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−$70as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.182%+$18 · spread now −0.324%, 7d avg −0.010%

Together, before fees+0.128%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and edgeX is 0.314% cheaper against Deribit than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% 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	0.4321	0.0445	pay 0.0056% / 1h	20m 27s	$18K	$362K	25x
Short	edgeX ONDOUSDC	0.4307	0.0100	get 0.0050% / 4h	2h 20m	$4K	$316K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.324%Rate

Funding earned: −$72.45
Price spread: −0.324% → −0.010%: −$31.36
Slippage, 4 orders: −$23.03
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$142.84
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Deribit: live order book, 28 min ago; edgeX: live order book, 28 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, 28 min ago	5.76 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	4.61 bp	9.1 bp −$9	15.6 bp −$156	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	−0.0242%	1h	0.4318	−0.073%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4338	+0.390%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0013%	1h	0.4333	+0.273%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.716%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4340	+0.440%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4337	+0.364%	$349K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4341	+0.472%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4341	+0.468%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4341	+0.474%	$62.5M	$236.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4338	+0.393%	$67.7M	$126.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4340	+0.440%	$17.3M	$73.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4335	+0.326%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4338	+0.389%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4338	+0.393%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4341	+0.463%	$43.3M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4338	+0.393%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4340	+0.440%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4339	+0.417%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.002%	$177K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−0.029%	$631K	$1.8M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4307	−0.324%	$4K	$316K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4313	−0.187%	$398K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4306	−0.347%	$132K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4339	+0.419%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4339	+0.417%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4327	+0.139%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.023%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	+0.278%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4323	+0.046%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4340	+0.447%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4339	+0.406%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	+0.023%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0112%	1h	0.4340	+0.430%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4323	+0.046%	$217K	$757K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4311	−0.241%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4321	0.000%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0445%	1h	0.4321	long leg	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4338	+0.382%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4339	+0.410%	$2K	—	20x	as long as short