Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.023%

Price spread now: GRVT against Deribit−0.130%45s7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$470.469% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.130%, 7d avg −0.031%

Together, before fees+0.182%+ Points / potential airdropGRVT: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.099% cheaper against Deribit than usual: you would sell low and buy high (spread −0.130% now, against its 7-day average of −0.031%). If the spread goes back, that is −$10 on $10k: about 3.3 days of funding at the current rate (+$3 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4352	0	get 0.0000% / 1h	21m 27s	$22K	$384K	25x
Short	GRVT ONDO_USDT_Perp	0.4346	0.0100	get 0.0050% / 4h	2h 21m	$401K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.130%Rate

Funding earned: $21
Price spread: −0.130% → −0.031%: −$9.93
Slippage, 4 orders: −$30.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$35.84
Costs to cover: 0.469%
Break-even: 18.9 days

Slippage from Deribit: live order book, 30 min ago; GRVT: 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, 30 min ago	4.62 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	3.45 bp	10.9 bp −$11	36.9 bp −$369	doesn't fit	doesn't fit

ONDO on 39 exchanges

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
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4352	long leg	$22K	$384K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4351	−0.029%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4350	−0.036%	$2.6M	$7.5M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.963%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4356	+0.103%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4350	−0.046%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4350	−0.052%	$339K	$867K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4353	+0.029%	$780K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4351	−0.028%	$63.6M	$227.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4349	−0.069%	$68.7M	$119.4M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4351	−0.023%	$17.3M	$69.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4342	−0.232%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4351	−0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4351	−0.023%	$13.7M	$14.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4352	0.000%	$45.0M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4353	+0.023%	$13.2M	$9.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4352	0.000%	$25.3M	$35.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4352	0.000%	—	$783K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4352	0.000%	$182K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4341	−0.262%	$796K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4347	−0.115%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4346	−0.130%	$401K	$1.8M	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4349	−0.069%	$134K	$320K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4352	0.000%	$60K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	−0.023%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4351	−0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4357	+0.115%	$106K	$489K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4351	−0.023%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4351	−0.026%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0103%	1h	0.4357	+0.108%	$36.6M	$27.1M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4348	−0.082%	$364K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4352	+0.002%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4351	−0.025%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4353	+0.025%	$35K	$217K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4353	+0.023%	$214K	$633K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4344	−0.184%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4350	−0.039%	$497K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1165%	1h	0.4353	+0.013%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2797%	1h	0.4349	−0.067%	$249K	$160K	5x	as long as short