Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4014%/8h= −439.5% APRpaid last 24h −1.652%

Price spread now: Gate against dYdX−0.022%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$682as in the Funding arb table

Net, price: spread back to 7d avg − costs−$407as in the Price arb table

costs, in and out, $10k−$4074.072% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−2.747%−$275 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.022%, 7d avg −0.020%

Together, before fees−2.724%−$272 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$120 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 -2.747% in total (about -143.2% 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	dYdX ONDO-USD	0.4543	0.4114	pay 0.0514% / 1h	28m 57s	$257K	$132K	5x
Short	Gate ONDO_USDT	0.4542	0.0100	get 0.0050% / 4h	28m 57s	$11.9M	$18.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.022%Rate

Funding earned: −$842.9
Price spread: −0.022% → −0.020%: −$0.22
Slippage, 4 orders: −$382.17
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,250.28
Costs to cover: 4.072%
Break-even: never at this rate

Slippage from dYdX: live order book, 50 min ago; Gate: live order book, 5 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, 50 min ago	76.42 bp	81.4 bp −$81	81.4 bp −$814	102.3 bp −$10.2K	377.7 bp −$188.9K
Sell Gate live order book, 5 min ago	1.10 bp	18.2 bp −$18	36.2 bp −$362	44.1 bp −$4,407	72.7 bp −$36.3K

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	−0.0803%	1h	0.4545	+0.041%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.550%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4544	+0.027%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4545	+0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4543	+0.011%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4549	+0.138%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4547	+0.099%	$68.1M	$227.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4546	+0.066%	$73.7M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4545	+0.044%	$17.6M	$80.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	+0.125%	$74K	$89K	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	0.4544	+0.016%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4542	−0.022%	$11.9M	$18.1M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4546	+0.066%	$48.8M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4546	+0.066%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4547	+0.088%	$25.7M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4546	+0.066%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4548	+0.106%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.023%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	+0.100%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4544	+0.012%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4548	+0.110%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4547	+0.081%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4545	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4546	+0.066%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4566	+0.506%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4547	+0.088%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4544	+0.024%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4546	+0.070%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4548	+0.110%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0176%	1h	0.4548	+0.110%	$40.2M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4547	+0.095%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4548	+0.110%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4546	+0.066%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4547	+0.092%	$374	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0410%	1h	0.4548	+0.110%	$36K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4544	+0.021%	$542K	—	100x	as long as short
Lighter ONDO	+0.0800%	1h	0.4554	+0.249%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4545	+0.053%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.4114%	1h	0.4543	long leg	$257K	$132K	5x