Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0330%/8h= −36.1% APRpaid last 24h −0.002%

Price spread now: BingX against Deribit−0.249%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and BingX is 0.249% cheaper against Deribit than usual: you would sell low and buy high (−$25 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.7% 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	Deribit ONDO_USDC-PERPETUAL	0.4414	0.0430	pay 0.0054% / 1h	55m 36s	$23K	$349K	25x
Short	BingX ONDO-USDT	0.4403	0.0100	get 0.0050% / 4h	1h 55m	—	$22.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.249%Rate

Funding earned: −$69.3
Price spread: −0.249% → 0.000%: −$24.92
Slippage, 4 orders: −$23.99
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$135.21
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; BingX: live order book, 13 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 Deribit live order book, 8 min ago	6.80 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	3.41 bp	10.2 bp −$10	16.9 bp −$169	44.3 bp −$4,427	356.6 bp −$178.3K

ONDO on 38 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
ApeX Omni ONDOUSDT	−0.0069%	1h	0.4382	−0.725%	$135K	$353K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4402	−0.265%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	−0.009%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.489%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4411	−0.061%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4414	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4421	+0.153%	$378K	$832K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4405	−0.215%	$38.6M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4406	−0.181%	$671K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4402	−0.274%	$63.9M	$225.0M	75x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4401	−0.295%	$69.7M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4395	−0.430%	$17.0M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−0.517%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4400	−0.311%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4399	−0.340%	$11.6M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4399	−0.340%	$46.6M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4403	−0.249%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4403	−0.249%	$25.0M	$39.3M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4403	−0.249%	—	$22.0M	—
Variational Omni ONDO	+0.0100%	4h	0.4418	+0.085%	$712K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	−0.594%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	−0.549%	$405K	$978K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4420	+0.143%	$79K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4413	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	−0.023%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4422	+0.181%	$130K	$481K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4411	−0.068%	$4.2M	$7.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4404	−0.229%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4402	−0.279%	$398K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	+0.011%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0243%	1h	0.4410	−0.097%	$192K	$985K	15x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.100%	$35K	$214K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.181%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4404	−0.217%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0430%	1h	0.4414	long leg	$23K	$349K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4415	+0.028%	$487K	—	100x	as long as short
Lighter ONDO	+0.0592%	1h	0.4407	−0.161%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4419	+0.107%	$2K	—	20x	as long as short