Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Paradex−0.055%49s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.055% cheaper against Paradex than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ONDO-USD-PERP	0.4333	0.0100	pay 0.0100% / 8h	5h 57m	$6K	—	10x
Short	Bybit ONDOUSDT	0.4331	0.0100	get 0.0050% / 4h	1h 57m	$67.9M	$116.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paradex. 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 ParadexbpFee BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$0.02
Price spread: −0.055% → 0.000%: −$5.5
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Bybit: live order book, 4 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 Paradex no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.16 bp	8.7 bp −$9	15.9 bp −$159	55.0 bp −$5,495	doesn't fit

Paradex: 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 exchanges

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	−0.0324%	1h	0.4333	−0.003%	$2.6M	$7.3M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4334	+0.014%	$21K	$368K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4334	+0.005%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.414%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4339	+0.125%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4333	−0.009%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	+0.014%	$338K	$821K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	+0.045%	$772K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	+0.022%	$63.2M	$222.5M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4331	−0.055%	$67.9M	$116.9M	50x

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.032%	$17.3M	$67.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4329	−0.103%	$71K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4334	+0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4334	+0.014%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4336	+0.060%	$46.3M	$39.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4335	+0.037%	$13.1M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4335	+0.037%	$25.3M	$33.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4335	+0.037%	—	$783K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4336	+0.056%	$180K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.205%	$799K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4329	−0.092%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4344	+0.245%	$405K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4327	−0.147%	$133K	$319K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4336	+0.060%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4334	+0.014%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	+0.037%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.245%	$106K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4335	+0.037%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0100%	8h	0.4333	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4333	−0.019%	$355K	$779K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	+0.060%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4335	+0.049%	$357	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4334	+0.005%	$35K	$207K	10x	as long as short
Hyperliquid ONDO	+0.0273%	1h	0.4338	+0.102%	$36.6M	$26.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4353	+0.453%	$214K	$619K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4336	+0.060%	$3.2M	$2.9M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4335	+0.026%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4333	−0.012%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3356%	1h	0.4336	+0.060%	$248K	$159K	5x	as long as short