Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.2036%/8h= −223.0% APRpaid last 24h −1.638%

Price spread now: SunX against dYdX−0.052%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$623as in the Funding arb table

Net, price: spread back to 7d avg − costs−$367as in the Price arb table

costs, in and out, $10k−$3623.618% of the position

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.612%−$261 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.052%, 7d avg +0.004%

Together, before fees−2.630%−$263 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and SunX is 0.056% cheaper against dYdX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4547	0.2136	pay 0.0267% / 1h	31m 54s	$257K	$129K	5x
Short	SunX ONDO-USDT	0.4545	0.0100	get 0.0050% / 4h	1h 31m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$427.6
Price spread: −0.052% → +0.004%: −$5.62
Slippage, 4 orders: −$343.85
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$795.06
Costs to cover: 3.618%
Break-even: never at this rate

Slippage from dYdX: live order book, 52 min ago; SunX: 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, 52 min ago	27.19 bp	32.2 bp −$32	32.2 bp −$322	105.6 bp −$10.6K	741.0 bp −$370.5K
Sell SunX live order book, 2 min ago	82.21 bp	102.6 bp −$103	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.0354%	1h	0.4547	−0.003%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4546	−0.030%	$26K	$396K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4544	−0.068%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4545	−0.052%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4541	−0.129%	$429K	$699K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4547	0.000%	$729K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4550	+0.050%	$67.2M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4549	+0.036%	$74.1M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4550	+0.058%	$17.7M	$81.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.213%	$74K	$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	0.4547	−0.010%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4545	−0.052%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4548	+0.014%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4545	−0.052%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4548	+0.014%	$25.7M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4546	−0.030%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4545	−0.048%	$232K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4567	+0.431%	$778K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	+0.246%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	+0.298%	$428K	$938K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4544	−0.065%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4545	−0.052%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4547	−0.008%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4552	+0.102%	$132K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4546	−0.030%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4545	−0.046%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4546	−0.030%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4549	+0.043%	$44K	$8K	3x	as long as short
ApeX Omni ONDOUSDT	+0.0129%	1h	0.4560	+0.278%	$161K	$334K	50x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4569	+0.471%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.454%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	+0.366%	$300K	$865K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4549	+0.036%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4550	+0.051%	$374	$2K	10x	as long as short
Hyperliquid ONDO	+0.0450%	1h	0.4553	+0.124%	$40.8M	$27.5M	10x	as long as short
Lighter ONDO	+0.0616%	1h	0.4556	+0.188%	$1.4M	$2.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0628% / S −0.0211%	1h	0.4544	−0.064%	$576K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4542	−0.121%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.2136%	1h	0.4547	long leg	$257K	$129K	5x