Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.012%

Price spread now: OKX against Deribit+0.137%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.125%−$12 · spread now +0.137%, 7d avg −0.040%

Together, before fees−0.156%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.177% dearer against Deribit than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of −0.040%): +$18 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 7 days (−0.031% in total) that is about 39 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.031% in total (about -1.7% 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	0.4367	0.0437	pay 0.0055% / 1h	39m 09s	$23K	$346K	25x
Short	OKX ONDO-USDT-SWAP	0.4373	0.0100	get 0.0050% / 4h	39m 09s	$17.0M	$72.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$70.77
Price spread: +0.137% → −0.040%: $17.72
Slippage, 4 orders: −$29.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$99.18
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Deribit: live order book, 19 min ago; OKX: live order book, 5 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, 19 min ago	9.14 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.14 bp	9.0 bp −$9	19.7 bp −$197	113.8 bp −$11.4K	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4369	+0.044%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	−0.066%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.603%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4371	+0.085%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4365	−0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4369	+0.046%	$369K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4371	+0.085%	$37.5M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4370	+0.073%	$63.0M	$229.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4370	+0.069%	$69.1M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4373	+0.137%	$17.0M	$72.7M	50x

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	0.4384	+0.396%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4368	+0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4366	−0.023%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4368	+0.023%	$45.6M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4367	0.000%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4367	0.000%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4368	+0.023%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4368	+0.018%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4369	+0.039%	$708K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	+0.245%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4376	+0.196%	$410K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4372	+0.114%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4372	+0.117%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4374	+0.160%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4367	0.000%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4378	+0.252%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4369	+0.046%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4368	+0.033%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4365	−0.054%	$396K	$794K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4368	+0.023%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0215%	4h	0.4369	+0.052%	$742K	$2.4M	20x	as long as short
dYdX ONDO-USD	+0.0217%	1h	0.4373	+0.137%	$247K	$129K	5x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4370	+0.064%	$360	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.618%	$276K	$718K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	−0.023%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4374	+0.149%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0437%	1h	0.4367	long leg	$23K	$346K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4367	+0.002%	$519K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4372	+0.125%	$2K	—	20x	as long as short