Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0341%/8h= −37.3% APRpaid last 24h −0.015%

Price spread now: OKX against Deribit−0.023%7-day average −0.034% · 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−$39as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.023%, 7d avg −0.034%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.1% 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	0.4343	0.0441	pay 0.0055% / 1h	17m 09s	$18K	$362K	25x
Short	OKX ONDO-USDT-SWAP	0.4342	0.0100	get 0.0050% / 4h	2h 17m	$17.3M	$73.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$71.61
Price spread: −0.023% → −0.034%: $1.08
Slippage, 4 orders: −$23.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$110.8
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; OKX: live order book, 2 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, 31 min ago	5.76 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.15 bp	10.0 bp −$10	19.5 bp −$195	174.6 bp −$17.5K	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	−0.0240%	1h	0.4340	−0.076%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4340	−0.070%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0012%	1h	0.4340	−0.059%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.181%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4345	+0.039%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4342	−0.017%	$349K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4345	+0.035%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4345	+0.046%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4343	−0.001%	$62.9M	$237.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4339	−0.092%	$67.8M	$126.2M	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-SWAPshort	+0.0100%	4h	0.4342	−0.023%	$17.3M	$73.8M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4335	−0.182%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4343	−0.004%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4341	−0.046%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4342	−0.023%	$43.2M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4341	−0.046%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4341	−0.046%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4341	−0.046%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4341	−0.037%	$176K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−0.535%	$631K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4325	−0.421%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.045%	$411K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4344	+0.023%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4343	+0.002%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4341	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4344	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4343	0.000%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4352	+0.207%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4342	−0.023%	$4.2M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4343	−0.004%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4342	−0.032%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4344	+0.023%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4344	+0.012%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4347	+0.092%	$218K	$762K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.071%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	−0.069%	$2.5M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0441%	1h	0.4343	long leg	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4339	−0.082%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4342	−0.034%	$2K	—	20x	as long as short