Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.9650%/8h= −1056.6% APRpaid last 24h −1.609%

Price spread now: MEXC against dYdX+0.070%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$417as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1601.596% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−2.579%−$258 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.070%, 7d avg +0.009%

Together, before fees−2.778%−$278 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.061% dearer against dYdX than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.009%): +$6 on $10k if it goes back. Holding the pair costs −$289 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 7 days (−2.579% in total) that is about 4 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.579% in total (about -134.5% 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	0.4535	0.9750	pay 0.1219% / 1h	21m 35s	$257K	$128K	5x
Short	MEXC ONDO_USDT	0.4538	0.0100	get 0.0050% / 4h	2h 21m	$47.8M	$45.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$2,026.41
Price spread: +0.070% → +0.009%: $6.11
Slippage, 4 orders: −$149.59
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$2,179.89
Costs to cover: 1.596%
Break-even: never at this rate

Slippage from dYdX: live order book, 3 min ago; MEXC: 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, 3 min ago	27.19 bp	32.2 bp −$32	32.2 bp −$322	105.6 bp −$10.6K	741.0 bp −$370.5K
Sell MEXC live order book, 2 min ago	1.11 bp	1.1 bp −$1	5.0 bp −$50	17.4 bp −$1,745	113.3 bp −$56.7K

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	−0.1122%	1h	0.4532	−0.065%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	+0.070%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	−0.008%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4539	+0.101%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.283%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4536	+0.026%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4536	+0.037%	$427K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4538	+0.070%	$767K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4539	+0.101%	$67.0M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4538	+0.070%	$73.6M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4539	+0.092%	$17.8M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4524	−0.232%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4539	+0.098%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4537	+0.048%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4538	+0.070%	$47.8M	$45.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	+0.048%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4538	+0.070%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4539	+0.092%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4538	+0.068%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4536	+0.034%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4520	−0.330%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4521	−0.304%	$427K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4523	−0.261%	$159K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4540	+0.112%	$104K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4537	+0.048%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4537	+0.048%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4544	+0.202%	$128K	$515K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4536	+0.026%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	+0.066%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	+0.081%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.073%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0253%	1h	0.4541	+0.132%	$40.6M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.092%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4521	−0.305%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4543	+0.176%	$374	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4546	+0.247%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4534	−0.015%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	+0.009%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.9750%	1h	0.4535	long leg	$257K	$128K	5x