Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0345%/8h= +37.8% APRpaid last 24h +0.019%

Price spread now: Deribit against Bybit+0.046%7-day average +0.049% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.046%, 7d avg +0.049%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: +$10 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 0.073% in total (about 3.8% 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	Bybit ONDOUSDT	0.4316	0.0100	pay 0.0050% / 4h	16m 44s	$68.0M	$122.2M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4318	0.0445	get 0.0056% / 1h	16m 44s	$18K	$351K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: $72.45
Price spread: +0.046% → +0.049%: −$0.31
Slippage, 4 orders: −$22.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $31.86
Costs to cover: 0.403%
Break-even: 3.9 days

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 22 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 Bybit live order book, 2 min ago	1.16 bp	8.5 bp −$8	13.0 bp −$130	47.7 bp −$4,770	doesn't fit
Sell Deribit live order book, 22 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	0.4314	−0.051%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4314	−0.047%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.839%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4322	+0.130%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4315	−0.012%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.046%	$756K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4318	+0.046%	$62.8M	$233.9M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4316	long leg	$68.0M	$122.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4318	+0.046%	$17.3M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4305	−0.259%	$71K	$80K	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	0.4315	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4316	0.000%	$12.9M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4317	+0.023%	$43.9M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4316	0.000%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4317	+0.023%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4318	+0.046%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4318	+0.044%	$175K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4292	−0.562%	$673K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4308	−0.174%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	−0.046%	$400K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−0.139%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	+0.002%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4315	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4316	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4317	+0.023%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4326	+0.232%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4316	0.000%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4316	+0.001%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	+0.043%	$355K	$809K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4319	+0.058%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4318	+0.046%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4309	−0.162%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4317	+0.032%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4313	−0.070%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0360%	1h	0.4323	+0.162%	$36.5M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0445%	1h	0.4318	+0.046%	$18K	$351K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4314	−0.047%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4315	−0.029%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1687%	1h	0.4314	−0.048%	$242K	$156K	5x	as long as short