Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1053%/8h= −115.3% APRpaid last 24h −0.308%

Price spread now: Bybit against Reya−0.136%56s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Bybit is 0.136% cheaper against Reya than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 56 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	Reya ONDORUSDPERP	0.4396	0.1153	pay 0.0144% / 1h	58m 34s	$2K	—	20x
Short	Bybit ONDOUSDT	0.4390	0.0100	get 0.0050% / 4h	3h 58m	$68.0M	$126.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$221.06
Price spread: −0.136% → 0.000%: −$13.6
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$251.66
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.14 bp	7.8 bp −$8	14.3 bp −$143	54.6 bp −$5,456	doesn't fit

Reya: 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	−0.0159%	1h	0.4392	−0.084%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4391	−0.122%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4394	−0.049%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.913%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4397	+0.019%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4394	−0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4400	+0.103%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.068%	$63.5M	$230.7M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4390	−0.136%	$68.0M	$126.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4393	−0.068%	$17.1M	$73.3M	50x	as long as short

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	0.4393	−0.066%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.095%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.091%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.068%	$44.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4393	−0.068%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4394	−0.045%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4392	−0.091%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4393	−0.066%	$185K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	+0.063%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	+0.068%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.067%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	0.000%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4397	+0.019%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4399	+0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4394	−0.045%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4402	+0.137%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4393	−0.068%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4391	−0.102%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.073%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4397	+0.018%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4393	−0.061%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4394	−0.045%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4396	0.000%	$761K	$2.5M	20x	as long as short
Hyperliquid ONDO	+0.0265%	1h	0.4397	+0.030%	$37.8M	$24.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4401	+0.114%	$272K	$731K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4396	0.000%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4396	+0.012%	$35K	$218K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4393	−0.059%	$522K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1153%	1h	0.4396	long leg	$2K	—	20x