Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.018%

Price spread now: Deribit against OKX−0.070%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.070%, 7d avg +0.034%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.103% cheaper against OKX than usual: you would sell low and buy high (spread −0.070% now, against its 7-day average of +0.034%). If the spread goes back, that is −$10 on $10k: about 3.0 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.045% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4315	0.0100	pay 0.0050% / 4h	1h 35m	$17.1M	$72.9M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4312	0.0214	get 0.0027% / 1h	35m 51s	$18K	$362K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now −0.070%Rate

Funding earned: $23.94
Price spread: −0.070% → +0.034%: −$10.32
Slippage, 4 orders: −$19.68
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$23.06
Costs to cover: 0.367%
Break-even: 13.7 days

Slippage from OKX: live order book, 3 min ago; Deribit: live order book, 8 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 OKX live order book, 3 min ago	1.16 bp	7.4 bp −$7	16.5 bp −$165	doesn't fit	doesn't fit
Sell Deribit live order book, 8 min ago	6.92 bp	10.4 bp −$10	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	−0.0147%	1h	0.4311	−0.083%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4314	−0.018%	$242K	$136K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4310	−0.117%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.863%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4315	−0.002%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4311	−0.081%	$346K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	−0.023%	$772K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4314	−0.030%	$62.6M	$237.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4313	−0.046%	$67.3M	$125.2M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4315	long leg	$17.1M	$72.9M	50x

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	0.4319	+0.086%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4310	−0.114%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4312	−0.070%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4311	−0.093%	$42.7M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4311	−0.093%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4313	−0.046%	$24.6M	$39.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4313	−0.046%	—	$23.4M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4312	−0.067%	$171K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.122%	$640K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.137%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4325	+0.231%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.348%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4313	−0.051%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4310	−0.116%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4312	−0.070%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4312	−0.070%	$448	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4322	+0.162%	$128K	$405K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4313	−0.046%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4313	−0.044%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4311	−0.082%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4313	−0.058%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0140%	1h	0.4314	−0.021%	$36.2M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4313	−0.051%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0214%	1h	0.4312	−0.070%	$18K	$362K	25x
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.278%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4325	+0.229%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.116%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4310	−0.111%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4310	−0.110%	$2K	—	20x	as long as short