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 +0.021%

Price spread now: Extended against GRVT+0.191%52s7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)−0.309%−$31 · spread now +0.191%, 7d avg −0.040%

Together, before fees−0.271%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$27 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: Extended is 0.231% dearer against GRVT than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.040%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ONDO_USDT_Perp	0.4603	0.0100	pay 0.0050% / 4h	3h 16m	$432K	$960K	10x
Short	Extended ONDO-USD	0.4612	0.0104	get 0.0013% / 1h	16m 33s	$417K	$826K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.191%Rate

Funding earned: $0.84
Price spread: +0.191% → −0.040%: $23.09
Slippage, 4 orders: −$26.01
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$16.07
Costs to cover: 0.400%
Break-even: 140.9 days

Slippage from GRVT: live order book, 56 min ago; Extended: live order book, 57 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, 56 min ago	3.28 bp	14.1 bp −$14	24.3 bp −$243	doesn't fit	doesn't fit
Sell Extended live order book, 57 min ago	3.29 bp	6.2 bp −$6	16.1 bp −$161	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	−0.0868%	1h	0.4601	−0.033%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4603	+0.007%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4599	−0.086%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.760%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4599	−0.087%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4611	+0.179%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4610	+0.143%	$735K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4612	+0.196%	$69.2M	$221.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4610	+0.152%	$74.3M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4609	+0.130%	$17.7M	$78.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4593	−0.209%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4609	+0.121%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4609	+0.130%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4612	+0.196%	$49.8M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4608	+0.109%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4612	+0.196%	$26.1M	$38.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4611	+0.174%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4607	+0.083%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4605	+0.038%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4606	+0.058%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perplong	+0.0100%	4h	0.4603	long leg	$432K	$960K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	+0.022%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4608	+0.113%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4607	+0.087%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	−0.022%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4611	+0.174%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4600	−0.065%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4613	+0.213%	$7K	—	10x	as long as short
Extended ONDO-USDshort	+0.0104%	1h	0.4612	+0.191%	$417K	$826K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4602	−0.022%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4602	−0.022%	$34K	$346K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.322%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4618	+0.332%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4617	+0.304%	$299K	$819K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	−0.022%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0343%	1h	0.4613	+0.213%	$41.0M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4599	−0.084%	$549K	—	100x	as long as short
Lighter ONDO	+0.0640%	1h	0.4617	+0.311%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4604	+0.027%	$2K	—	20x	as long as short