Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.029%

Price spread now: Bybit against gTrade (Gains Network)+0.032%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.032% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ONDO/USD	0.4505	L +0.0003% / S −0.0008%	pay 0.0000% / 1h	2m 03s	$6K	—	150x
Short	Bybit ONDOUSDT	0.4506	0.0100	get 0.0050% / 4h	2h 02m	$73.0M	$118.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $20.28
Price spread: +0.032% → 0.000%: $3.22
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $2.5
Costs to cover: 0.210%
Break-even: 6.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 2 min ago. Net counts fees only.

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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.11 bp	8.5 bp −$9	17.6 bp −$176	56.0 bp −$5,601	doesn't fit

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1130%	1h	0.4502	−0.061%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4508	+0.077%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USDlong	L +0.0003% / S −0.0008%	1h	0.4505	long leg	$6K	—	150x
Phoenix ONDO	+0.0018%	1h	0.4501	−0.090%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4503	−0.034%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4506	+0.032%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	−0.018%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4508	+0.077%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4506	+0.029%	$66.4M	$220.6M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4506	+0.032%	$73.0M	$118.2M	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	0.4505	+0.010%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4498	−0.137%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	−0.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4504	−0.012%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	+0.032%	$47.1M	$45.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	−0.012%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4507	+0.054%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4507	+0.054%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4507	+0.057%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.183%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4499	−0.130%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4497	−0.167%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.168%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	+0.048%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4506	+0.032%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4506	+0.032%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4515	+0.232%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4504	−0.012%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	−0.014%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4505	+0.016%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4508	+0.073%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0288%	1h	0.4511	+0.136%	$40.3M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4508	+0.077%	$298K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4505	+0.010%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4510	+0.112%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4514	+0.201%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4504	−0.005%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4506	+0.043%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9056%	1h	0.4503	−0.039%	$255K	$129K	5x	as long as short