Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against SunX−0.088%46s7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1631.633% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.088%, 7d avg −0.028%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.061% cheaper against SunX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 46 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	SunX ONDO-USDT	0.4520	0.0100	pay 0.0050% / 4h	2h 39m	—	$1.4M	20x
Short	Bybit ONDOUSDT	0.4516	0.0100	get 0.0050% / 4h	2h 39m	$73.3M	$117.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SunX. 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 SunXbpFee BybitbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.028%: −$6.07
Slippage, 4 orders: −$144.35
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$169.42
Costs to cover: 1.633%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Bybit: live order book, 5 min ago.

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 SunX live order book, 5 min ago	47.62 bp	70.9 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.11 bp	7.7 bp −$8	14.7 bp −$147	59.6 bp −$5,962	doesn't fit

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	−0.1124%	1h	0.4523	+0.074%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4523	+0.066%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4519	−0.032%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	+0.084%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.301%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4521	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4513	−0.144%	$426K	$674K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4520	−0.011%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	−0.117%	$66.4M	$219.7M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4516	−0.088%	$73.3M	$117.8M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	−0.088%	$17.7M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.150%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4512	−0.171%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4512	−0.177%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4518	−0.044%	$47.6M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4518	−0.044%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4518	−0.044%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4511	−0.199%	—	$22.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4525	+0.111%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.011%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4522	+0.044%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	+0.065%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	+0.022%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4519	−0.027%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4520	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4521	+0.022%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	+0.243%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4521	+0.022%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4513	−0.150%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4511	−0.200%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4524	+0.088%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0112%	1h	0.4524	+0.088%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.221%	$304K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4524	+0.088%	$3.3M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4516	−0.080%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0480%	1h	0.4528	+0.170%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	+0.020%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4519	−0.011%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0514%	1h	0.4520	−0.003%	$256K	$117K	5x	as long as short