Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Extended+0.272%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.247%−$25 · spread now +0.272%, 7d avg +0.010%

Together, before fees−0.335%+ Points / potential airdropExtended: Active · farm board−$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.262% dearer against Extended than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ONDO-USD	0.4569	0.0104	pay 0.0013% / 1h	41m 22s	$409K	$843K	25x
Short	Bybit ONDOUSDT	0.4581	0.0100	get 0.0050% / 4h	3h 41m	$74.1M	$120.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.272%Rate

Funding earned: −$0.84
Price spread: +0.272% → +0.010%: $26.22
Slippage, 4 orders: −$12.43
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$3.05
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Extended: live order book, 32 min ago; Bybit: 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 Extended live order book, 32 min ago	3.29 bp	5.8 bp −$6	13.9 bp −$139	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.09 bp	7.7 bp −$8	13.1 bp −$131	52.5 bp −$5,249	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	−0.0867%	1h	0.4607	+0.839%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4573	+0.104%	$259K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4580	+0.254%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.012%	$888	$216K	5.5x	as long as short
Gate ONDO_USDT	+0.0068%	4h	0.4578	+0.207%	$12.0M	$16.6M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4580	+0.251%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4579	+0.240%	$439K	$708K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	+0.299%	$725K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4582	+0.294%	$68.5M	$226.0M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4581	+0.272%	$74.1M	$120.7M	50x

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	0.4582	+0.294%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.421%	$76K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4575	+0.143%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4580	+0.251%	$49.7M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4577	+0.185%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4582	+0.294%	$25.9M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4582	+0.294%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4603	+0.754%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4549	−0.432%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4594	+0.550%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4596	+0.608%	$426K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4560	−0.187%	$174K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4582	+0.301%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	+0.929%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4611	+0.929%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4615	+1.017%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4604	+0.776%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4569	+0.018%	$7K	$9	10x	as long as short
Extended ONDO-USDlong	+0.0104%	1h	0.4569	long leg	$409K	$843K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4612	+0.958%	$40K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0111%	1h	0.4585	+0.353%	$40.5M	$26.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4611	+0.929%	$34K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4582	+0.301%	$377	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	+0.176%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4597	+0.623%	$299K	$824K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4598	+0.645%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0536%	1h	0.4582	+0.292%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4580	+0.248%	$547K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4580	+0.256%	$2K	—	20x	as long as short