Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0110%/8h= +12.1% APRpaid last 24h +0.019%

Price spread now: Deribit against Paradex+0.132%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Deribit

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Deribit is 0.132% dearer against Paradex than usual: you sell high and buy low: +$13 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	Paradex ONDO-USD-PERP	0.4331	0.0101	pay 0.0101% / 8h	7h 56m	$6K	—	10x
Short	Deribit ONDO_USDC-PERPETUAL	0.4337	0.0211	get 0.0026% / 1h	56m 34s	$18K	$351K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.132%Rate

Funding earned: $23.12
Price spread: +0.132% → 0.000%: $13.18
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $25.3
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Deribit: live order book, 42 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 Deribit live order book, 42 min ago	8.09 bp	11.6 bp −$12	doesn't fit	doesn't fit	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 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	−0.0176%	1h	0.4334	+0.057%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4334	+0.062%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.465%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4338	+0.143%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4326	−0.116%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4328	−0.076%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4326	−0.122%	$63.2M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4324	−0.168%	$68.2M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4324	−0.168%	$17.3M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4339	+0.166%	$71K	$81K	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	0.4330	−0.032%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4331	−0.007%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4332	+0.016%	$44.3M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4335	+0.086%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4333	+0.039%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4335	+0.086%	—	$778K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4337	+0.134%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.170%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4322	−0.206%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	−0.164%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	−0.238%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	+0.074%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4334	+0.063%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.132%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	+0.109%	$2K	$15K	10x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4334	+0.063%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0101%	8h	0.4331	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4330	−0.021%	$366K	$827K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4338	+0.156%	$38K	$13K	3x	as long as short
HTX ONDO-USDT	+0.0106%	4h	0.4344	+0.293%	$129K	$369K	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0211%	1h	0.4337	+0.132%	$18K	$351K	25x
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.178%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	−0.067%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4333	+0.035%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	+0.086%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4333	+0.045%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0632%	1h	0.4340	+0.208%	$36.6M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4334	+0.070%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1625%	1h	0.4333	+0.047%	$243K	$155K	5x	as long as short