Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1581%/8h= −173.1% APRpaid last 24h −1.226%

Price spread now: OKX against dYdX−0.159%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$382as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1041.041% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.778%−$278 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.159%, 7d avg −0.002%

Together, before fees−2.689%−$269 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and OKX is 0.157% cheaper against dYdX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4339	0.1681	pay 0.0210% / 1h	50m 24s	$244K	$155K	5x
Short	OKX ONDO-USDT-SWAP	0.4332	0.0100	get 0.0050% / 4h	3h 50m	$17.4M	$72.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$331.92
Price spread: −0.159% → −0.002%: −$15.72
Slippage, 4 orders: −$84.08
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$451.72
Costs to cover: 1.041%
Break-even: never at this rate

Slippage from dYdX: live order book, 49 min ago; OKX: 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, 49 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 OKX live order book, 3 min ago	1.15 bp	8.2 bp −$8	17.9 bp −$179	147.9 bp −$14.8K	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	0.4340	+0.025%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4340	+0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.280%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.097%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4335	−0.084%	$347K	$890K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4337	−0.044%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	−0.120%	$63.3M	$234.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4332	−0.159%	$68.3M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4332	−0.159%	$17.4M	$72.0M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4341	+0.058%	$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	0.4336	−0.071%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4334	−0.113%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4333	−0.136%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4335	−0.090%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4335	−0.090%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4335	−0.090%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4340	+0.018%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.003%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4330	−0.197%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	−0.147%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	−0.182%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	−0.099%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4330	−0.205%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4334	−0.113%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4341	+0.048%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4349	+0.233%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4339	+0.002%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4338	−0.029%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	−0.063%	$364K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4332	−0.160%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4344	+0.118%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.002%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4332	−0.154%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4340	+0.016%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	−0.021%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4340	+0.019%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0627%	1h	0.4340	+0.021%	$36.6M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4333	−0.130%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1681%	1h	0.4339	long leg	$244K	$155K	5x