Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1574%/8h= −172.4% APRpaid last 24h −1.268%

Price spread now: Bitget against dYdX+0.302%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$388as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$1091.089% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−2.787%−$279 on $10k

Price spread, last 4 days (all we have)−0.314%−$31 · spread now +0.302%, 7d avg +0.013%

Together, before fees−3.101%−$310 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.290% dearer against dYdX than usual: you sell high and buy low (spread +0.302% now, against its 7-day average of +0.013%): +$29 on $10k if it goes back. Holding the pair costs −$47 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4300	0.1674	pay 0.0209% / 1h	19m 00s	$241K	$156K	5x
Short	Bitget ONDOUSDT	0.4313	0.0100	get 0.0050% / 4h	19m 00s	$24.6M	$36.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.302%Rate

Funding earned: −$330.55
Price spread: +0.302% → +0.013%: $28.97
Slippage, 4 orders: −$86.86
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$410.44
Costs to cover: 1.089%
Break-even: never at this rate

Slippage from dYdX: live order book, 20 min ago; Bitget: 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, 20 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 Bitget live order book, 5 min ago	2.33 bp	11.7 bp −$12	19.1 bp −$191	54.5 bp −$5,453	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
Kraken Futures PF_ONDOUSD	−0.0176%	1h	0.4311	+0.248%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4311	+0.253%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.233%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4317	+0.388%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4311	+0.256%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4315	+0.341%	$752K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4315	+0.349%	$62.8M	$234.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4313	+0.302%	$67.9M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4314	+0.326%	$17.3M	$71.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	−0.156%	$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	0.4306	+0.134%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4312	+0.279%	$12.9M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4314	+0.326%	$43.7M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4312	+0.279%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4313	+0.302%	$24.6M	$36.7M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4313	+0.302%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	+0.358%	$175K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4292	−0.192%	$673K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.042%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4297	−0.070%	$395K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4302	+0.047%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4313	+0.312%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4312	+0.279%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4312	+0.279%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4314	+0.326%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4321	+0.488%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4313	+0.302%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4302	+0.055%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	+0.288%	$355K	$805K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4315	+0.360%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4309	+0.216%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4309	+0.209%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4300	+0.002%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4310	+0.233%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0346%	1h	0.4318	+0.419%	$36.4M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0446%	1h	0.4313	+0.302%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4312	+0.268%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4312	+0.273%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1674%	1h	0.4300	long leg	$241K	$156K	5x