Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −1.616%

Price spread now: Bitget against dYdX−0.041%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$601as in the Funding arb table

Net, price: spread back to 7d avg − costs−$328as in the Price arb table

costs, in and out, $10k−$3233.232% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−2.777%−$278 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.041%, 7d avg +0.011%

Together, before fees−2.748%−$275 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.052% cheaper against dYdX than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.011%). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −2.777%, 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	dYdX ONDO-USD	0.4408	0	get 0.0000% / 1h	31m 11s	$249K	$130K	5x
Short	Bitget ONDOUSDT	0.4406	0.0100	get 0.0050% / 4h	2h 31m	$25.0M	$40.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.041%Rate

Funding earned: $21
Price spread: −0.041% → +0.011%: −$5.2
Slippage, 4 orders: −$301.21
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$307.41
Costs to cover: 3.232%
Break-even: 109.5 days

Slippage from dYdX: live order book, 38 min ago; Bitget: live order book, 3 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 dYdX live order book, 38 min ago	130.76 bp	135.8 bp −$136	175.9 bp −$1,759	464.6 bp −$46.5K	1447.9 bp −$724.0K
Sell Bitget live order book, 3 min ago	2.27 bp	14.3 bp −$14	25.2 bp −$252	87.4 bp −$8,742	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4403	−0.105%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USDlong	0.0000%	1h	0.4408	long leg	$249K	$130K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4405	−0.067%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.634%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4405	−0.064%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	+0.039%	$395K	$853K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4409	+0.027%	$669K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4406	−0.041%	$64.1M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4406	−0.041%	$69.8M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4407	−0.018%	$17.1M	$75.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	−0.048%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4408	+0.009%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4405	−0.064%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	+0.005%	$43.9M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4408	+0.005%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4406	−0.041%	$25.0M	$40.4M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4407	−0.018%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4411	+0.068%	$201K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	+0.023%	$767K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	+0.169%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.220%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4415	+0.163%	$136K	$371K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4410	+0.052%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	+0.005%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.064%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4417	+0.209%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	−0.020%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4404	−0.078%	$398K	$820K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4407	−0.018%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4406	−0.041%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0271%	1h	0.4413	+0.109%	$39.0M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.322%	$284K	$757K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4411	+0.084%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4414	+0.132%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4404	−0.088%	$486K	—	100x	as long as short
Phemex ONDOUSDT	+0.0802%	4h	0.4405	−0.064%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0824%	1h	0.4412	+0.104%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4409	+0.033%	$2K	—	20x	as long as short