Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1618%/8h= −177.1% APRpaid last 24h −1.268%

Price spread now: Bybit against dYdX+0.006%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$383as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1041.040% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−2.794%−$279 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.006%, 7d avg −0.018%

Together, before fees−2.795%−$279 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.024% dearer against dYdX than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.018%): +$2 on $10k if it goes back. Holding the pair costs −$49 a day in funding at the current rate, which eats that in about 1 hour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4318	0.1718	pay 0.0215% / 1h	1m 57s	$242K	$155K	5x
Short	Bybit ONDOUSDT	0.4318	0.0100	get 0.0050% / 4h	1m 57s	$68.1M	$122.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$339.7
Price spread: +0.006% → −0.018%: $2.35
Slippage, 4 orders: −$83.01
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$441.35
Costs to cover: 1.040%
Break-even: never at this rate

Slippage from dYdX: live order book, 37 min ago; Bybit: 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 dYdX live order book, 37 min ago	34.48 bp	40.8 bp −$41	105.4 bp −$1,054	149.5 bp −$14.9K	800.2 bp −$400.1K
Sell Bybit live order book, 2 min ago	1.16 bp	7.5 bp −$8	12.5 bp −$125	46.9 bp −$4,691	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	−0.0176%	1h	0.4319	+0.031%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	−0.014%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.796%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.145%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4320	+0.058%	$345K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4322	+0.098%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4320	+0.052%	$63.1M	$234.1M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4318	+0.006%	$68.1M	$122.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4318	+0.006%	$17.3M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4329	+0.263%	$71K	$81K	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	0.4320	+0.044%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4318	+0.006%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4321	+0.075%	$44.2M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4319	+0.029%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4319	+0.029%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4320	+0.052%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4320	+0.064%	$175K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4323	+0.120%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.081%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	+0.119%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4322	+0.098%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	+0.105%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4318	+0.006%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4319	+0.029%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4320	+0.052%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4329	+0.261%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	+0.029%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4320	+0.053%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	+0.017%	$364K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4321	+0.080%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4323	+0.117%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4325	+0.168%	$214K	$733K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	+0.242%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.052%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0428%	1h	0.4325	+0.168%	$36.6M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0445%	1h	0.4321	+0.075%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4317	−0.009%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4320	+0.043%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1718%	1h	0.4318	long leg	$242K	$155K	5x