Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +1.619%

Price spread now: dYdX against Gate+0.029%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$330as in the Price arb table

costs, in and out, $10k−$3313.313% of the position

Long on Gate Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.764%+$276 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.029%, 7d avg +0.018%

Together, before fees+2.730%+$273 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +2.764%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4407	0.0100	pay 0.0050% / 4h	2h 28m	$11.6M	$16.3M	50x
Short	dYdX ONDO-USD	0.4408	0	get 0.0000% / 1h	28m 43s	$249K	$130K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$21
Price spread: +0.029% → +0.018%: $1.09
Slippage, 4 orders: −$306.3
Fee Gate: 7.5 bp × 2 orders: −$15
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$351.21
Costs to cover: 3.313%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; dYdX: live order book, 40 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, 5 min ago	1.14 bp	15.1 bp −$15	38.1 bp −$381	48.7 bp −$4,872	80.1 bp −$40.1K
Sell dYdX live order book, 40 min ago	130.76 bp	162.4 bp −$162	318.4 bp −$3,184	944.8 bp −$94.5K	1836.8 bp −$918.4K

ONDO on 38 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	−0.0363%	1h	0.4398	−0.193%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USDshort	0.0000%	1h	0.4408	+0.029%	$249K	$130K	5x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4403	−0.091%	$23K	$349K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	−0.016%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.653%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4407	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4414	+0.170%	$395K	$853K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4413	+0.128%	$670K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4410	+0.066%	$64.2M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4411	+0.091%	$69.9M	$125.4M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4410	+0.068%	$17.1M	$75.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4408	+0.016%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4416	+0.205%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4407	long leg	$11.6M	$16.3M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4411	+0.091%	$44.1M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4408	+0.023%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4409	+0.045%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4409	+0.045%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4408	+0.027%	$201K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	+0.041%	$767K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.032%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.202%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.045%	$136K	$367K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4419	+0.261%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4404	−0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	−0.113%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4423	+0.363%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4409	+0.037%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4408	+0.013%	$398K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4406	−0.023%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0283%	1h	0.4413	+0.127%	$39.0M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.340%	$284K	$757K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4409	+0.045%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4421	+0.313%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4407	−0.008%	$487K	—	100x	as long as short
Phemex ONDOUSDT	+0.0744%	4h	0.4403	−0.091%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0816%	1h	0.4415	+0.175%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4410	+0.074%	$2K	—	20x	as long as short