Funding arb · Price arb /

MINIMAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0289%/8h= −31.6% APRpaid last 24h −0.220%

Price spread now: Bybit against Ondo Perps−0.083%7-day average — · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.083% cheaper against Ondo Perps than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MINIMAX-USD.P	36.310	0.0289	pay 0.0036% / 1h	32m 31s	$22K	$56K	5x
Short	Bybit MINIMAXUSDT	36.280	0	get 0.0000% / 8h	7h 32m	$923K	$891K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$60.65
Price spread: −0.083% → 0.000%: −$8.26
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.91
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 58 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 58 min ago	5.47 bp	48.1 bp −$48	334.3 bp −$3,343	doesn't fit	doesn't fit

Ondo Perps: 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.

MINIMAX on 17 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
Bybit MINIMAXUSDTshort	0.0000%	8h	36.280	−0.083%	$923K	$891K	25x
Gate MINIMAX_USDT	0.0000%	8h	36.260	−0.138%	$1.3M	$2.9M	50x	as long as short
SunX MINIMAX-USDT	0.0000%	4h	36.330	+0.055%	$15	$1.2M	10x	as long as short
HTX MINIMAX-USDT	0.0000%	4h	36.341	+0.085%	$52K	$239K	20x	as long as short
Lighter MINIMAX	+0.0032%	1h	36.288	−0.061%	$41K	$23K	10x	as long as short
SoDEX MINIMAX-USD	+0.0050%	1h	36.297	−0.036%	$91K	$3K	10x	as long as short
Aevo MINIMAX-PERP	+0.0104%	1h	36.321	+0.030%	—	—	10x	as long as short
Ondo Perps MINIMAX-USD.Plong	+0.0289%	1h	36.310	long leg	$22K	$56K	5x
tradeXYZ xyz:MINIMAX	+0.0331%	1h	36.280	−0.083%	$4.8M	$3.3M	10x	as long as short
GRVT MINIMAX_USDT_Perp	+0.0358%	4h	36.320	+0.028%	$670	$118K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MINIMAXUSDT	+0.0442%	8h	36.322	+0.033%	$32K	$6K	20x	as long as short
Bitget MINIMAXUSDT	+0.0625%	8h	36.251	−0.162%	$1.2M	$2.7M	20x	as long as short
KuCoin MINIMAXUSDTM	+0.0656%	4h	36.290	−0.055%	$95K	$97K	20x	as long as short
Binance MINIMAXUSDT	+0.0739%	4h	36.253	−0.158%	$6.3M	$29.6M	25x	as long as short
Extended MINIMAX-USD	+0.0744%	1h	36.256	−0.148%	$3K	—	10x	as long as short
OKX MINIMAX-USDT-SWAP	+0.1281%	8h	36.230	−0.220%	$2.8M	$7.8M	20x	as long as short
edgeX MINIMAXUSDC	+0.1336%	4h	36.298	−0.034%	$27K	$183K	10x	as long as short