Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h +0.015%

Price spread now: Deribit against Orderly+0.022%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.022% dearer against Orderly than usual: you sell high and buy low (spread +0.022% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4580	0.0098	pay 0.0049% / 4h	1h 37m	$25K	$8K	10x
Short	Deribit ONDO_USDC-PERPETUAL	0.4581	0	get 0.0000% / 1h	37m 41s	$26K	$396K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$20.56
Price spread: +0.022% → 0.000%: $2.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.38
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 46 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 46 min ago	5.53 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0351%	1h	0.4576	−0.098%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4581	+0.022%	$26K	$396K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4580	+0.004%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDClong	+0.0098%	4h	0.4580	long leg	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4578	−0.033%	$434K	$691K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4581	+0.012%	$743K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4576	−0.082%	$67.4M	$224.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4575	−0.109%	$74.4M	$120.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4571	−0.197%	$17.8M	$81.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+1.011%	$73K	$87K	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	0.4570	−0.221%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4572	−0.175%	$11.9M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	−0.109%	$48.0M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4576	−0.087%	$13.6M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	−0.153%	$25.8M	$41.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4574	−0.131%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4578	−0.035%	$212K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.743%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4547	−0.727%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	−0.730%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	+0.013%	$77K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4583	+0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	0.000%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4589	+0.197%	$133K	$510K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4577	−0.066%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4571	−0.195%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4571	−0.192%	$405K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4589	+0.205%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	−0.583%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	+0.459%	$894	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	−0.742%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4580	0.000%	$301K	$867K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+0.262%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4586	+0.135%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0511%	1h	0.4579	−0.017%	$40.9M	$27.5M	10x	as long as short
Lighter ONDO	+0.0568%	1h	0.4585	+0.107%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0595% / S −0.0191%	1h	0.4580	+0.010%	$551K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4582	+0.048%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1295%	1h	0.4573	−0.151%	$259K	$130K	5x	as long as short