Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.014%

Price spread now: Deribit against HTX−0.177%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.177%+$18 · spread now −0.177%, 7d avg −0.126%

Together, before fees+0.144%+$14 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 0.051% cheaper against HTX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.126%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4522	0.0100	pay 0.0050% / 4h	1h 52m	$130K	$508K	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4514	0	get 0.0000% / 1h	52m 48s	$19K	$364K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$21
Price spread: −0.177% → −0.126%: −$5.08
Slippage, 4 orders: −$40.14
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$85.21
Costs to cover: 0.591%
Break-even: never at this rate

Slippage from HTX: live order book, 31 min ago; Deribit: live order book, 31 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 HTX live order book, 31 min ago	11.04 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 31 min ago	5.53 bp	13.4 bp −$13	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	−0.0356%	1h	0.4511	−0.246%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4514	−0.177%	$19K	$364K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4513	−0.192%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4512	−0.221%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4516	−0.133%	$424K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4514	−0.177%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4513	−0.197%	$66.5M	$220.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4514	−0.177%	$73.2M	$118.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	−0.133%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4542	+0.451%	$73K	$85K	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	0.4512	−0.210%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4507	−0.332%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4507	−0.332%	$47.5M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4508	−0.310%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4512	−0.221%	$25.5M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4508	−0.310%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4511	−0.252%	$195K	$972K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4531	+0.202%	$793K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4534	+0.267%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4533	+0.241%	$428K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4514	−0.172%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4513	−0.199%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	−0.177%	$469	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4522	long leg	$130K	$508K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4512	−0.221%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4515	−0.153%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4507	−0.337%	$403K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4516	−0.124%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4528	+0.139%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.420%	$1K	$181K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.354%	$300K	$847K	50x	as long as short
ApeX Omni ONDOUSDT	+0.0286%	1h	0.4538	+0.354%	$160K	$333K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4510	−0.265%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4517	−0.117%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4522	+0.004%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4512	−0.221%	$543K	—	100x	as long as short
Hyperliquid ONDO	+0.0591%	1h	0.4518	−0.097%	$40.4M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4514	−0.185%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1169%	1h	0.4512	−0.231%	$255K	$130K	5x	as long as short