Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.018%

Price spread now: SunX against Deribit−0.046%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1591.587% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.046%, 7d avg −0.019%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SunX is 0.027% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4314	0.0214	pay 0.0027% / 1h	35m 10s	$18K	$362K	25x
Short	SunX ONDO-USDT	0.4312	0.0100	get 0.0050% / 4h	1h 35m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$23.94
Price spread: −0.046% → −0.019%: −$2.74
Slippage, 4 orders: −$143.71
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$185.4
Costs to cover: 1.587%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; SunX: live order book, 9 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, 8 min ago	6.92 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	47.33 bp	69.3 bp −$69	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	−0.0147%	1h	0.4313	−0.024%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4310	−0.087%	$242K	$136K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4310	−0.094%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.888%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4317	+0.065%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4311	−0.058%	$346K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	0.000%	$773K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4314	+0.009%	$62.6M	$236.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4313	−0.023%	$67.3M	$125.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4316	+0.046%	$17.1M	$72.8M	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	0.4318	+0.086%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4310	−0.091%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4312	−0.046%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4313	−0.023%	$42.7M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4312	−0.046%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4313	−0.023%	$24.6M	$39.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4314	0.000%	—	$773K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	+0.012%	$171K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.099%	$640K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.155%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4316	+0.053%	$406K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	+0.162%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4313	−0.019%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4311	−0.070%	$23K	$6K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4312	−0.046%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4313	−0.023%	$448	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4322	+0.185%	$128K	$403K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4316	+0.046%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4312	−0.035%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	−0.041%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4314	+0.011%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0133%	1h	0.4317	+0.060%	$36.2M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4313	−0.028%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0214%	1h	0.4314	long leg	$18K	$362K	25x
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.301%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4325	+0.253%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4314	0.000%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4313	−0.019%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4313	−0.017%	$2K	—	20x	as long as short