Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.6510%/8h= +712.8% APRpaid last 24h +1.651%

Price spread now: dYdX against Orderly+0.074%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 dYdX

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

Both sides work for this trade now. Funding pays +$195 a day on $10k at the current rate, and dYdX is 0.074% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4587	0.0098	pay 0.0049% / 4h	51m 49s	$25K	$8K	10x
Short	dYdX ONDO-USD	0.4590	0.6608	get 0.0826% / 1h	51m 49s	$260K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.074%Rate

Funding earned: $1,367.09
Price spread: +0.074% → 0.000%: $7.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: $1,358.51
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 27 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 dYdX live order book, 27 min ago	76.42 bp	291.5 bp −$291	475.3 bp −$4,753	494.4 bp −$49.4K	790.7 bp −$395.3K

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	−0.0795%	1h	0.4588	+0.026%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.414%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4586	−0.018%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDClong	+0.0098%	4h	0.4587	long leg	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4587	+0.011%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4592	+0.109%	$727K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4590	+0.065%	$68.5M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4588	+0.022%	$74.5M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4587	0.000%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4591	+0.092%	$75K	$89K	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	0.4586	−0.029%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4587	0.000%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4590	+0.065%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4589	+0.044%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4590	+0.065%	$26.0M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4590	+0.065%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4601	+0.303%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.355%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4595	+0.177%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4590	+0.065%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4592	+0.098%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4591	+0.087%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4587	0.000%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4596	+0.196%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4588	+0.022%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4590	+0.069%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4590	+0.057%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4591	+0.087%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0228%	1h	0.4589	+0.035%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4593	+0.124%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.262%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+0.109%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0369%	1h	0.4593	+0.133%	$40.7M	$26.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4589	+0.044%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0520%	1h	0.4593	+0.126%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0614% / S −0.0200%	1h	0.4587	+0.005%	$566K	—	100x	as long as short
Lighter ONDO	+0.1016%	1h	0.4599	+0.264%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4590	+0.063%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.6608%	1h	0.4590	+0.074%	$260K	$129K	5x