Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.009%

Price spread now: Bybit against Nado+0.050%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.317%−$32 · spread now +0.050%, 7d avg −0.035%

Together, before fees−0.364%+ Points / potential airdropNado: Active · farm board−$36 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: Bybit is 0.085% dearer against Nado than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4504	0.0100	pay 0.0012% / 1h	2m 29s	$422K	$681K	10x
Short	Bybit ONDOUSDT	0.4506	0.0100	get 0.0050% / 4h	2h 02m	$73.0M	$118.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → −0.035%: $8.5
Slippage, 4 orders: −$17.41
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.91
Costs to cover: 0.354%
Break-even: 1382338361215651.3 days

Slippage from Nado: live order book, 21 min ago; Bybit: live order book, 2 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 Nado live order book, 21 min ago	0.66 bp	8.2 bp −$8	18.3 bp −$183	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.11 bp	8.5 bp −$9	17.6 bp −$176	56.0 bp −$5,601	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	−0.1130%	1h	0.4501	−0.065%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4505	+0.028%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4503	−0.006%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.072%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4503	−0.017%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4503	−0.017%	$25K	$8K	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4504	long leg	$422K	$681K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4506	+0.051%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4506	+0.051%	$66.4M	$220.5M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4506	+0.050%	$73.0M	$118.2M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	+0.006%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4498	−0.119%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	+0.011%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4502	−0.039%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	+0.006%	$47.1M	$45.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4502	−0.039%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4507	+0.072%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4503	−0.017%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4506	+0.061%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.165%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4499	−0.112%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4497	−0.149%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.150%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	+0.066%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4505	+0.028%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	+0.006%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4509	+0.117%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4502	−0.039%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	+0.004%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4504	−0.001%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4506	+0.039%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0288%	1h	0.4511	+0.151%	$40.3M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4508	+0.094%	$298K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4505	+0.028%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4510	+0.130%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4511	+0.172%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4503	−0.008%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4506	+0.060%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9056%	1h	0.4503	−0.022%	$255K	$129K	5x	as long as short