Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h +1.382%

Price spread now: dYdX against Bitget−0.051%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$284as in the Price arb table

costs, in and out, $10k−$2802.805% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.784%+$278 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.051%, 7d avg −0.012%

Together, before fees+2.840%+$284 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.039% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.012%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.784%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4299	0.0100	pay 0.0050% / 4h	2h 27m	$24.6M	$39.9M	50x
Short	dYdX ONDO-USD	0.4297	0.0015	get 0.0002% / 1h	27m 46s	$241K	$137K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$17.8
Price spread: −0.051% → −0.012%: −$3.89
Slippage, 4 orders: −$258.49
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$302.17
Costs to cover: 2.805%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; dYdX: live order book, 21 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 Bitget live order book, 1 min ago	2.33 bp	9.8 bp −$10	18.9 bp −$189	79.3 bp −$7,931	doesn't fit
Sell dYdX live order book, 21 min ago	24.14 bp	224.4 bp −$224	226.6 bp −$2,266	233.0 bp −$23.3K	821.3 bp −$410.6K

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	−0.0243%	1h	0.4297	−0.035%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4296	−0.074%	$7K	—	150x	as long as short
dYdX ONDO-USDshort	+0.0015%	1h	0.4297	−0.051%	$241K	$137K	5x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.257%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0080%	1h	0.4301	+0.058%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4303	+0.100%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4297	−0.052%	$348K	$877K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4300	+0.016%	$35.9M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4302	+0.070%	$769K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4301	+0.047%	$61.9M	$236.0M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4297	−0.047%	$67.1M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4298	−0.023%	$17.1M	$72.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4295	−0.081%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4298	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4297	−0.047%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4298	−0.023%	$42.4M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4298	−0.023%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4299	long leg	$24.6M	$39.9M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4299	0.000%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	+0.058%	$176K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4295	−0.097%	$649K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.074%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4298	−0.013%	$401K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4300	+0.023%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4299	−0.002%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4297	−0.047%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4299	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4299	0.000%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4305	+0.140%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4300	+0.023%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4298	−0.012%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4297	−0.051%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4301	+0.058%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4300	+0.023%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.093%	$218K	$764K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4306	+0.163%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4309	+0.233%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4295	−0.084%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4297	−0.046%	$2K	—	20x	as long as short