Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1597%/8h= −174.9% APRpaid last 24h −1.268%

Price spread now: BingX against dYdX+0.164%49s7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$378as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1041.042% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.737%−$274 on $10k

Price spread, last 4 days (all we have)−0.158%−$16 · spread now +0.164%, 7d avg +0.006%

Together, before fees−2.896%−$290 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.158% dearer against dYdX than usual: you sell high and buy low (spread +0.164% now, against its 7-day average of +0.006%): +$16 on $10k if it goes back. Holding the pair costs −$48 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4314	0.1697	pay 0.0212% / 1h	13m 55s	$242K	$156K	5x
Short	BingX ONDO-USDT	0.4321	0.0100	get 0.0050% / 4h	13m 55s	—	$23.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now +0.164%Rate

Funding earned: −$335.47
Price spread: +0.164% → +0.006%: $15.75
Slippage, 4 orders: −$84.17
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$423.89
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from dYdX: live order book, 25 min ago; BingX: 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 dYdX live order book, 25 min ago	34.48 bp	40.8 bp −$41	105.4 bp −$1,054	149.5 bp −$14.9K	800.2 bp −$400.1K
Sell BingX live order book, 5 min ago	2.32 bp	9.3 bp −$9	15.0 bp −$150	36.6 bp −$3,658	293.5 bp −$146.8K

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	0.4317	+0.075%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4318	+0.098%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.889%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.238%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4318	+0.100%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.210%	$757K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4322	+0.187%	$62.9M	$234.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4321	+0.164%	$68.1M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	+0.210%	$17.3M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4324	+0.222%	$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	0.4317	+0.069%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	+0.141%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4321	+0.164%	$44.0M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4321	+0.164%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4322	+0.187%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4321	+0.164%	—	$23.0M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4322	+0.196%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4314	−0.002%	$678K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4315	+0.032%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	+0.001%	$400K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−0.091%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4320	+0.145%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	+0.117%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4318	+0.094%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	+0.164%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4327	+0.303%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	+0.141%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4319	+0.120%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	+0.174%	$360K	$812K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4323	+0.198%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	+0.187%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4319	+0.127%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4320	+0.141%	$213K	$732K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4317	+0.080%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4315	+0.025%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0377%	1h	0.4327	+0.294%	$36.5M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4311	−0.067%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4312	−0.049%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1697%	1h	0.4314	long leg	$242K	$156K	5x