Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.9513%/8h= +1041.6% APRpaid last 24h +1.609%

Price spread now: dYdX against SunX−0.015%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$285as in the Price arb table

costs, in and out, $10k−$2842.843% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.512%+$251 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.015%, 7d avg −0.003%

Together, before fees+2.676%+$268 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: +$285 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 2.512% in total (about 131.0% 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	0.4530	0.0100	pay 0.0050% / 4h	2h 31m	—	$1.4M	20x
Short	dYdX ONDO-USD	0.4529	0.9613	get 0.1202% / 1h	31m 14s	$256K	$123K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $1,997.64
Price spread: −0.015% → −0.003%: −$1.14
Slippage, 4 orders: −$266.34
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: $1,712.16
Costs to cover: 2.843%
Break-even: 1.0 days

Slippage from SunX: live order book, 3 min ago; dYdX: live order book, 58 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, 3 min ago	47.48 bp	69.8 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 58 min ago	27.35 bp	112.1 bp −$112	317.4 bp −$3,174	357.0 bp −$35.7K	741.4 bp −$370.7K

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	0.4525	−0.103%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	−0.110%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4525	−0.121%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4531	+0.018%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.177%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4523	−0.155%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4528	−0.033%	$426K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4530	0.000%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4526	−0.098%	$66.6M	$220.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4524	−0.132%	$73.5M	$117.8M	50x	as long as short

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	0.4523	−0.155%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	+0.018%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4528	−0.047%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4524	−0.132%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4524	−0.132%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4524	−0.132%	$13.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4525	−0.110%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4525	−0.110%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4526	−0.088%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	−0.037%	$791K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4531	+0.026%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4535	+0.103%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4533	+0.066%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4531	+0.020%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4530	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4524	−0.132%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4534	+0.088%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4524	−0.132%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4527	−0.060%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4523	−0.144%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4527	−0.066%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0207%	1h	0.4530	−0.009%	$40.8M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.088%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4526	−0.088%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4532	+0.055%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0528%	1h	0.4532	+0.049%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4525	−0.100%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4530	−0.005%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.9613%	1h	0.4529	−0.015%	$256K	$123K	5x