Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.008%

Price spread now: HTX against Deribit+0.197%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1221.222% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)−0.253%−$25 · spread now +0.197%, 7d avg +0.125%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.072% dearer against Deribit than usual: you sell high and buy low (spread +0.197% now, against its 7-day average of +0.125%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4568	0.0188	pay 0.0023% / 1h	47m 03s	$36K	$436K	25x
Short	HTX ONDO-USDT	0.4577	0.0100	get 0.0050% / 4h	47m 03s	$133K	$503K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.197%Rate

Funding earned: −$18.48
Price spread: +0.197% → +0.125%: $7.16
Slippage, 4 orders: −$103.16
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$133.49
Costs to cover: 1.222%
Break-even: never at this rate

Slippage from Deribit: live order book, 32 min ago; HTX: live order book, 31 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, 32 min ago	4.34 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 31 min ago	27.12 bp	62.2 bp −$62	doesn't fit	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	−0.0799%	1h	0.4564	−0.082%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	0.000%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4566	−0.040%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4567	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4572	+0.077%	$431K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4567	−0.018%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4566	−0.048%	$68.3M	$227.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4565	−0.066%	$74.0M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4564	−0.088%	$17.8M	$81.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	−0.050%	$75K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4569	+0.013%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4563	−0.109%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4565	−0.066%	$49.2M	$43.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4568	0.000%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4565	−0.066%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4565	−0.066%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4587	+0.414%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4575	+0.143%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4575	+0.145%	$433K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4588	+0.438%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4570	+0.046%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4569	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4566	−0.044%	$475	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4577	+0.197%	$133K	$503K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4567	−0.022%	$4.7M	$6.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4570	+0.040%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4566	−0.051%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4568	+0.011%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0188%	1h	0.4568	long leg	$36K	$436K	25x
Backpack ONDO_USDC_PERP	+0.0190%	1h	0.4567	−0.033%	$230K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4578	+0.230%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.679%	$302K	$859K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	−0.044%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0349%	1h	0.4570	+0.033%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0472%	1h	0.4572	+0.079%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4567	−0.031%	$545K	—	100x	as long as short
Lighter ONDO	+0.1000%	1h	0.4574	+0.140%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4567	−0.014%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6990%	1h	0.4570	+0.037%	$259K	$129K	5x	as long as short