Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.021%

Price spread now: MEXC against Deribit+0.046%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$240.235% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now +0.046%, 7d avg −0.017%

Together, before fees−0.005%−$1 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 MEXC is 0.062% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.017%. Mind the row above: over the last 7 days funding on this pair cost −0.060%, 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	0.4361	0	get 0.0000% / 1h	13m 20s	$28K	$358K	25x
Short	MEXC ONDO_USDT	0.4363	0.0100	get 0.0050% / 4h	3h 13m	$43.7M	$42.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.046%Rate

Funding earned: $21
Price spread: +0.046% → −0.017%: $6.24
Slippage, 4 orders: −$16.55
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $3.69
Costs to cover: 0.235%
Break-even: 5.8 days

Slippage from Deribit: live order book, 20 min ago; MEXC: live order book, 6 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, 20 min ago	5.78 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	1.15 bp	1.5 bp −$2	5.1 bp −$51	17.9 bp −$1,792	109.3 bp −$54.7K

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	−0.0175%	1h	0.4359	−0.036%	$2.5M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4361	long leg	$28K	$358K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4362	+0.020%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.747%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4365	+0.083%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4366	+0.126%	$342K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4364	+0.069%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4362	+0.023%	$63.6M	$230.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4359	−0.046%	$68.3M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4361	0.000%	$17.4M	$70.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4378	+0.383%	$72K	$78K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4366	+0.115%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4364	+0.069%	$13.5M	$15.3M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4363	+0.046%	$43.7M	$42.4M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4364	+0.069%	$12.3M	$10.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4361	0.000%	$25.3M	$35.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4363	+0.046%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4371	+0.225%	$181K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4371	+0.226%	$741K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4370	+0.216%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4371	+0.220%	$409K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4371	+0.229%	$135K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4366	+0.115%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4360	−0.023%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4366	+0.115%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	−0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4369	+0.183%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4361	0.000%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4367	+0.138%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4358	−0.061%	$363K	$814K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4361	0.000%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4376	+0.344%	$216K	$708K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4368	+0.151%	$359	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4375	+0.323%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	+0.115%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0441%	1h	0.4367	+0.144%	$36.7M	$28.0M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4361	+0.011%	$505K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4363	+0.039%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3080%	1h	0.4367	+0.144%	$250K	$159K	5x	as long as short