Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h −0.015%

Price spread now: Orderly against Deribit−0.022%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.022% cheaper against Deribit than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4581	0	get 0.0000% / 1h	38m 16s	$26K	$396K	25x
Short	Orderly PERP_ONDO_USDC	0.4580	0.0098	get 0.0049% / 4h	1h 38m	$25K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $20.56
Price spread: −0.022% → 0.000%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $5.38
Costs to cover: 0.130%
Break-even: 5.2 days

Slippage unknown: Deribit: live order book, 45 min ago; Orderly: no order-book sample. Net counts fees only.

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, 45 min ago	5.53 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0351%	1h	0.4576	−0.120%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4581	long leg	$26K	$396K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4580	−0.018%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4580	−0.022%	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4578	−0.055%	$434K	$691K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	+0.023%	$744K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4578	−0.056%	$67.4M	$224.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4579	−0.044%	$74.4M	$119.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4577	−0.087%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+0.989%	$73K	$87K	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	0.4579	−0.044%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4580	−0.022%	$11.9M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4578	−0.065%	$48.0M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4578	−0.065%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4585	+0.087%	$25.9M	$41.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4584	+0.065%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4578	−0.057%	$212K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.765%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4547	−0.749%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	−0.752%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	−0.009%	$77K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4583	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	−0.022%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4589	+0.175%	$133K	$510K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4577	−0.087%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4582	+0.021%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4582	+0.031%	$407K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4589	+0.183%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	−0.605%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	+0.437%	$894	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	−0.764%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4580	−0.022%	$301K	$867K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+0.240%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4586	+0.114%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0525%	1h	0.4587	+0.124%	$41.1M	$27.4M	10x	as long as short
Lighter ONDO	+0.0568%	1h	0.4588	+0.146%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0595% / S −0.0191%	1h	0.4580	−0.011%	$551K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4582	+0.026%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1246%	1h	0.4588	+0.159%	$260K	$130K	5x	as long as short