Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.028%

Price spread now: Deribit against Gate−0.022%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.104%−$10 · spread now −0.022%, 7d avg +0.048%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.070% cheaper against Gate than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4504	0.0100	pay 0.0050% / 4h	2h 54m	$11.8M	$18.6M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4503	0	get 0.0000% / 1h	54m 12s	$29K	$354K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$21
Price spread: −0.022% → +0.048%: −$7.01
Slippage, 4 orders: −$40.06
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$90.07
Costs to cover: 0.621%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Deribit: live order book, 34 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 Gate live order book, 4 min ago	1.10 bp	17.9 bp −$18	38.4 bp −$384	52.6 bp −$5,262	82.0 bp −$41.0K
Sell Deribit live order book, 34 min ago	8.89 bp	12.4 bp −$12	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	−0.1129%	1h	0.4504	+0.010%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4503	−0.022%	$29K	$354K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4500	−0.098%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.954%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4501	−0.067%	$25K	$8K	10x	as long as short
Variational Omni ONDO	+0.0099%	4h	0.4527	+0.521%	$801K	$2.0M	—	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4497	−0.150%	$429K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4511	+0.151%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4501	−0.072%	$752K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4505	+0.028%	$66.3M	$220.2M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4506	+0.044%	$72.7M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4506	+0.044%	$17.7M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	−0.093%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4501	−0.064%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4504	long leg	$11.8M	$18.6M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4506	+0.044%	$47.8M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4502	−0.044%	$13.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4508	+0.089%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4506	+0.044%	—	$747K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4507	+0.067%	$195K	$975K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	+0.532%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4526	+0.497%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4526	+0.488%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4501	−0.067%	$75K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4502	−0.044%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4505	+0.022%	$124K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4501	−0.067%	$4.8M	$6.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4495	−0.200%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4502	−0.049%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4502	−0.054%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4525	+0.471%	$30K	$222K	10x	as long as short
Lighter ONDO	+0.0320%	1h	0.4510	+0.135%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4503	−0.022%	$303K	$836K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4531	+0.599%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4530	+0.584%	$373	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4501	−0.062%	$559K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4496	−0.188%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9503%	1h	0.4515	+0.240%	$255K	$117K	5x	as long as short