Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.003%

Price spread now: MEXC against Deribit−0.289%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.269%+$27 · spread now −0.289%, 7d avg −0.023%

Together, before fees+0.235%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.266% cheaper against Deribit than usual: you would sell low and buy high (spread −0.289% now, against its 7-day average of −0.023%). If the spread goes back, that is −$27 on $10k: about 8.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4503	0	get 0.0000% / 1h	0m 39s	$33K	$339K	25x
Short	MEXC ONDO_USDT	0.4490	0.0100	get 0.0050% / 4h	3h 00m	$46.8M	$42.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.289%Rate

Funding earned: $21
Price spread: −0.289% → −0.023%: −$26.56
Slippage, 4 orders: −$20.36
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$32.92
Costs to cover: 0.274%
Break-even: 18.0 days

Slippage from Deribit: live order book, 8 min ago; MEXC: 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 Deribit live order book, 8 min ago	4.35 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.10 bp	3.8 bp −$4	8.3 bp −$83	22.8 bp −$2,281	109.9 bp −$54.9K

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	−0.0887%	1h	0.4504	+0.023%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4492	−0.240%	$254K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4503	long leg	$33K	$339K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4504	+0.021%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+1.443%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4503	0.000%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4508	+0.105%	$423K	$731K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4496	−0.152%	$708K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4492	−0.242%	$66.8M	$223.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4490	−0.289%	$71.8M	$120.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4490	−0.289%	$17.2M	$76.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4508	+0.113%	$72K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4507	+0.084%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4495	−0.178%	$11.8M	$16.9M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4490	−0.289%	$46.8M	$42.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4493	−0.222%	$13.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4499	−0.089%	$25.4M	$39.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4497	−0.133%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4502	−0.020%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4505	+0.038%	$798K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4550	+1.044%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4579	+1.688%	$423K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4543	+0.888%	$169K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4509	+0.138%	$91K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	+0.022%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.311%	$133K	$496K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4491	−0.269%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4496	−0.160%	$408K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4503	+0.011%	$39K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0135%	4h	0.4506	+0.067%	$4.4M	$7.1M	50x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4541	+0.835%	$37K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4511	+0.175%	$371	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.777%	$297K	$806K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4498	−0.111%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0365%	1h	0.4501	−0.053%	$40.0M	$25.0M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0584% / S −0.0187%	1h	0.4503	+0.010%	$537K	—	100x	as long as short
Lighter ONDO	+0.0696%	1h	0.4508	+0.107%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4507	+0.094%	$2K	—	20x	as long as short