Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −1.480%

Price spread now: GRVT against dYdX+0.390%50s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$502as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2302.305% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−2.712%−$271 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now +0.390%, 7d avg +0.018%

Together, before fees−2.752%+ Points / potential airdropGRVT: Active · farm board−$275 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.372% dearer against dYdX than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.018%. Mind the row above: over the last 7 days funding on this pair cost −2.712%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4392	0	get 0.0000% / 1h	40m 08s	$249K	$129K	5x
Short	GRVT ONDO_USDT_Perp	0.4410	0.0100	get 0.0050% / 4h	1h 40m	$407K	$983K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.390%Rate

Funding earned: $21
Price spread: +0.390% → +0.018%: $37.16
Slippage, 4 orders: −$211.47
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$172.31
Costs to cover: 2.305%
Break-even: 64.4 days

Slippage from dYdX: live order book, 24 min ago; GRVT: live order book, 23 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, 24 min ago	83.09 bp	88.1 bp −$88	88.1 bp −$881	116.7 bp −$11.7K	746.7 bp −$373.3K
Sell GRVT live order book, 23 min ago	3.40 bp	19.1 bp −$19	49.2 bp −$492	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
dYdX ONDO-USDlong	0.0000%	1h	0.4392	long leg	$249K	$129K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4394	+0.031%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.998%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4394	+0.040%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4394	+0.036%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4396	+0.076%	$372K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4397	+0.096%	$63.8M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4394	+0.036%	$69.3M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4396	+0.082%	$17.0M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	+0.064%	$72K	$86K	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	0.4398	+0.139%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	+0.059%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4395	+0.059%	$47.2M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4396	+0.082%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4396	+0.082%	$25.1M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4394	+0.036%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	+0.051%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4405	+0.279%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4410	+0.390%	$407K	$983K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.287%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4401	+0.187%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4399	+0.150%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	+0.082%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4405	+0.287%	$130K	$476K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4396	+0.082%	$4.2M	$7.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4398	+0.118%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4395	+0.059%	$398K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4397	+0.105%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0123%	4h	0.4398	+0.127%	$711K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0133%	1h	0.4399	+0.143%	$38.2M	$24.5M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0182%	1h	0.4396	+0.093%	$190K	$980K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4410	+0.403%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4396	+0.082%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4400	+0.173%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4405	+0.275%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0433%	1h	0.4396	+0.082%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4392	−0.002%	$484K	—	100x	as long as short
Lighter ONDO	+0.0864%	1h	0.4404	+0.264%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4395	+0.069%	$2K	—	20x	as long as short