Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +1.302%

Price spread now: dYdX against Bybit−0.044%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs+$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$990.993% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.790%+$279 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.044%, 7d avg +0.018%

Together, before fees+2.834%+$283 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 0.062% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.018%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.790%, 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	Bybit ONDOUSDT	0.4340	0.0100	pay 0.0050% / 4h	1h 19m	$68.1M	$123.0M	50x
Short	dYdX ONDO-USD	0.4338	0.0003	get 0.0000% / 1h	19m 16s	$244K	$141K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$20.28
Price spread: −0.044% → +0.018%: −$6.21
Slippage, 4 orders: −$78.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$125.75
Costs to cover: 0.993%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; dYdX: live order book, 25 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, 5 min ago	1.15 bp	7.1 bp −$7	12.2 bp −$122	54.8 bp −$5,478	doesn't fit
Sell dYdX live order book, 25 min ago	33.44 bp	45.8 bp −$46	150.4 bp −$1,504	213.1 bp −$21.3K	716.4 bp −$358.2K

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	−0.0146%	1h	0.4339	−0.020%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4333	−0.161%	$7K	—	150x	as long as short
dYdX ONDO-USDshort	+0.0003%	1h	0.4338	−0.044%	$244K	$141K	5x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.253%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.067%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4341	+0.017%	$348K	$891K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4342	+0.046%	$780K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4340	0.000%	$62.7M	$235.0M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4340	long leg	$68.1M	$123.0M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4341	+0.023%	$17.3M	$72.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4340	+0.005%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4338	−0.045%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4338	−0.046%	$12.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4340	0.000%	$43.6M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4339	−0.023%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4340	0.000%	$24.8M	$37.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4340	0.000%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4340	+0.009%	$173K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4333	−0.167%	$722K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4334	−0.142%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4329	−0.248%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4336	−0.092%	$133K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4342	+0.055%	$62K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4339	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4340	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4342	+0.046%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4348	+0.184%	$129K	$401K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.046%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4340	+0.005%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4339	−0.014%	$358K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4342	+0.053%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0171%	1h	0.4344	+0.099%	$36.5M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4343	+0.071%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.046%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4336	−0.081%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4337	−0.069%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4341	+0.023%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4337	−0.065%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4339	−0.029%	$2K	—	20x	as long as short