Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +1.480%

Price spread now: dYdX against GRVT−0.377%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs+$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$266as in the Price arb table

costs, in and out, $10k−$2302.305% of the position

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.712%+$271 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.377%, 7d avg −0.018%

Together, before fees+2.739%+ Points / potential airdropGRVT: Active · farm board+$274 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 dYdX is 0.359% cheaper against GRVT than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.018%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.712%, 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	GRVT ONDO_USDT_Perp	0.4410	0.0100	pay 0.0050% / 4h	1h 39m	$407K	$983K	10x
Short	dYdX ONDO-USD	0.4393	0	get 0.0000% / 1h	39m 33s	$249K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against GRVT. 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 GRVTbpFee dYdXbpOrdersPrice spread, now −0.377%Rate

Funding earned: −$21
Price spread: −0.377% → −0.018%: −$35.89
Slippage, 4 orders: −$211.47
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$287.36
Costs to cover: 2.305%
Break-even: never at this rate

Slippage from GRVT: live order book, 24 min ago; dYdX: live order book, 25 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 GRVT live order book, 24 min ago	3.40 bp	7.9 bp −$8	29.6 bp −$296	doesn't fit	doesn't fit
Sell dYdX live order book, 25 min ago	83.09 bp	115.4 bp −$115	227.4 bp −$2,274	301.4 bp −$30.1K	626.7 bp −$313.3K

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
dYdX ONDO-USDshort	0.0000%	1h	0.4393	−0.377%	$249K	$129K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4388	−0.489%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.594%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4394	−0.349%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4394	−0.352%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4394	−0.363%	$372K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.374%	$63.8M	$225.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4392	−0.397%	$69.3M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4394	−0.352%	$17.0M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−0.324%	$72K	$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	0.4390	−0.432%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4393	−0.374%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.374%	$47.2M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4392	−0.397%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4394	−0.352%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4391	−0.420%	—	$21.9M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	−0.337%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4396	−0.301%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perplong	+0.0100%	4h	0.4410	long leg	$407K	$983K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	−0.102%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4394	−0.354%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4399	−0.238%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	−0.306%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4405	−0.102%	$130K	$476K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4396	−0.306%	$4.2M	$7.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4393	−0.381%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4394	−0.362%	$398K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4397	−0.284%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0125%	4h	0.4398	−0.261%	$710K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0134%	1h	0.4397	−0.275%	$38.2M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0182%	1h	0.4396	−0.295%	$190K	$980K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4410	+0.013%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4396	−0.306%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4400	−0.216%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4393	−0.374%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0433%	1h	0.4396	−0.306%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4389	−0.473%	$484K	—	100x	as long as short
Lighter ONDO	+0.0872%	1h	0.4402	−0.163%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4394	−0.342%	$2K	—	20x	as long as short