Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.004%

Price spread now: Gate against Deribit+0.157%7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$610.615% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.172%−$17 · spread now +0.157%, 7d avg −0.055%

Together, before fees−0.199%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.212% dearer against Deribit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4447	0	get 0.0000% / 1h	53m 49s	$32K	$339K	25x
Short	Gate ONDO_USDT	0.4454	0.0100	get 0.0050% / 4h	2h 53m	$11.7M	$15.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.157%Rate

Funding earned: $21
Price spread: +0.157% → −0.055%: $21.2
Slippage, 4 orders: −$39.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$19.29
Costs to cover: 0.615%
Break-even: 13.4 days

Slippage from Deribit: live order book, 15 min ago; Gate: live order book, 5 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, 15 min ago	4.35 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.23 bp	19.5 bp −$20	39.3 bp −$393	50.9 bp −$5,087	80.4 bp −$40.2K

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
ApeX Omni ONDOUSDT	−0.1599%	1h	0.4475	+0.630%	$167K	$332K	50x	as long as short
Kraken Futures PF_ONDOUSD	−0.0359%	1h	0.4453	+0.140%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4454	+0.165%	$252K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4447	long leg	$32K	$339K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4444	−0.066%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.721%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4448	+0.022%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4447	+0.006%	$407K	$781K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4454	+0.157%	$39.4M	$25.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4453	+0.129%	$705K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4452	+0.102%	$65.7M	$226.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4454	+0.157%	$71.5M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4448	+0.022%	$17.2M	$76.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4462	+0.346%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4442	−0.122%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4454	+0.157%	$11.7M	$15.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4458	+0.247%	$45.3M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4455	+0.180%	$13.5M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4446	−0.022%	$25.0M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4453	+0.135%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4454	+0.157%	$224K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4454	+0.153%	$789K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4475	+0.623%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4454	+0.158%	$419K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4450	+0.058%	$116K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4454	+0.157%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4456	+0.202%	$463	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4461	+0.315%	$130K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4448	+0.034%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4457	+0.235%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4446	−0.033%	$39K	$13K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4508	+1.367%	$37K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4445	−0.056%	$366	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4454	+0.157%	$290K	$798K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4457	+0.225%	$3.3M	$3.0M	75x	as long as short
Lighter ONDO	+0.0488%	1h	0.4456	+0.205%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0186%	1h	0.4444	−0.074%	$531K	—	100x	as long as short
Phemex ONDOUSDT	+0.0766%	4h	0.4459	+0.270%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4445	−0.039%	$2K	—	20x	as long as short