Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h −0.053%

Price spread now: Deribit against BloFin−0.139%57s7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as 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−$440.444% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.404%−$40 on $10k

Price spread, last 4 days (all we have)+0.155%+$16 · spread now −0.139%, 7d avg −0.011%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.128% cheaper against BloFin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.011%). Swap the legs. The two prices were read 57 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	BloFin ONDO-USDT	0.4321	0.0340	pay 0.0170% / 4h	35m 57s	$3.1M	$3.2M	75x
Short	Deribit ONDO_USDC-PERPETUAL	0.4315	0.0214	get 0.0027% / 1h	35m 57s	$18K	$351K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$26.46
Price spread: −0.139% → −0.011%: −$12.82
Slippage, 4 orders: −$25.43
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$83.71
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Deribit: live order book, 3 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 BloFin live order book, 2 min ago	4.62 bp	10.6 bp −$11	15.1 bp −$151	38.7 bp −$3,873	doesn't fit
Sell Deribit live order book, 3 min ago	8.09 bp	11.6 bp −$12	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
Kraken Futures PF_ONDOUSD	−0.0176%	1h	0.4312	−0.201%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4314	−0.173%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.716%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4316	−0.106%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4310	−0.249%	$346K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4315	−0.149%	$772K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4315	−0.141%	$62.6M	$233.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4313	−0.185%	$67.8M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4314	−0.162%	$17.2M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4325	+0.104%	$71K	$81K	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	0.4311	−0.236%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4314	−0.162%	$12.8M	$15.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4314	−0.162%	$43.5M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4315	−0.139%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4313	−0.185%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4315	−0.139%	—	$776K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4317	−0.102%	$175K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.262%	$677K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4326	+0.123%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4329	+0.185%	$399K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4335	+0.324%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	−0.106%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4314	−0.162%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4314	−0.162%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4313	−0.185%	$488	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4322	+0.023%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4313	−0.185%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4311	−0.229%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4313	−0.184%	$353K	$800K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4317	−0.103%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0214%	1h	0.4315	−0.139%	$18K	$351K	25x
01 Exchange ONDOUSD	+0.0216%	1h	0.4313	−0.178%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4324	+0.069%	$214K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4332	+0.259%	$35K	$221K	10x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4321	long leg	$3.1M	$3.2M	75x
Hyperliquid ONDO	+0.0351%	1h	0.4320	−0.028%	$36.4M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4313	−0.176%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4312	−0.200%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1619%	1h	0.4318	−0.079%	$242K	$156K	5x	as long as short