Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0561%/8h= +61.4% APRpaid last 24h +0.012%

Price spread now: Deribit against SunX+0.046%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1621.616% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.046%, 7d avg +0.027%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4393	0.0100	pay 0.0050% / 4h	2m 28s	—	$1.4M	20x
Short	Deribit ONDO_USDC-PERPETUAL	0.4395	0.0661	get 0.0083% / 1h	2m 28s	$18K	$367K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: $117.81
Price spread: +0.046% → +0.027%: $1.87
Slippage, 4 orders: −$146.65
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$41.97
Costs to cover: 1.616%
Break-even: 9.5 days

Slippage from SunX: live order book, 12 min ago; Deribit: live order book, 56 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, 12 min ago	46.83 bp	66.8 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 56 min ago	9.14 bp	12.6 bp −$13	doesn't fit	doesn't fit	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.059%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4391	−0.044%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.984%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4396	+0.064%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4391	−0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4392	−0.028%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4394	+0.029%	$63.5M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4391	−0.046%	$68.0M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4394	+0.023%	$17.1M	$73.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4386	−0.153%	$72K	$84K	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	0.4392	−0.028%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4391	−0.046%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	0.000%	$44.6M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4392	−0.023%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4393	0.000%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4392	−0.023%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4394	+0.014%	$186K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−0.439%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4375	−0.403%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4381	−0.273%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4375	−0.410%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4394	+0.023%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4393	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4394	+0.023%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	+0.159%	$127K	$436K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4393	0.000%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4393	−0.001%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4392	−0.034%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4394	+0.030%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0141%	1h	0.4395	+0.052%	$37.8M	$24.7M	10x	as long as short
dYdX ONDO-USD	+0.0207%	1h	0.4390	−0.057%	$248K	$129K	5x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4394	+0.011%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0226%	4h	0.4393	0.000%	$760K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4393	0.000%	$271K	$729K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	+0.023%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4379	−0.319%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4391	−0.055%	$522K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0661%	1h	0.4395	+0.046%	$18K	$367K	25x
Reya ONDORUSDPERP	+0.1153%	1h	0.4394	+0.028%	$2K	—	20x	as long as short