Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.7176%/8h= −785.8% APRpaid last 24h −1.550%

Price spread now: edgeX against dYdX−0.078%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$431as in the Funding arb table

Net, price: spread back to 7d avg − costs−$196as in the Price arb table

costs, in and out, $10k−$1861.856% of the position

Long on dYdX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.451%−$245 on $10k

Price spread, last 3 days (all we have)+0.402%+$40 · spread now −0.078%, 7d avg +0.026%

Together, before fees−2.049%+ Points / potential airdropedgeX: Active · farm board−$205 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$215 a day on $10k at the current rate, and edgeX is 0.104% cheaper against dYdX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.451% in total (about -127.8% 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	dYdX ONDO-USD	0.4507	0.7276	pay 0.0910% / 1h	31m 27s	$255K	$117K	5x
Short	edgeX ONDOUSDC	0.4503	0.0100	get 0.0050% / 4h	3h 31m	$5K	$321K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$1,506.99
Price spread: −0.078% → +0.026%: −$10.4
Slippage, 4 orders: −$166.56
Fee dYdX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$1,702.95
Costs to cover: 1.856%
Break-even: never at this rate

Slippage from dYdX: live order book, 18 min ago; edgeX: live order book, 17 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, 18 min ago	52.07 bp	57.1 bp −$57	57.1 bp −$571	73.2 bp −$7,317	553.2 bp −$276.6K
Sell edgeX live order book, 17 min ago	4.50 bp	9.0 bp −$9	15.7 bp −$157	doesn't fit	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	−0.0940%	1h	0.4506	−0.013%	$2.9M	$7.3M	50x	as long as short
Phemex ONDOUSDT	−0.0573%	4h	0.4509	+0.048%	$5.0M	$6.0M	50x	as long as short
Bybit ONDOUSDT	−0.0072%	4h	0.4504	−0.063%	$71.6M	$113.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4511	+0.093%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	−0.022%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.015%	$994	$82K	5.5x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4507	+0.005%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	−0.063%	$439K	$648K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4507	+0.009%	$66.9M	$217.8M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	−0.063%	$17.7M	$78.8M	50x	as long as short

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	0.4503	−0.083%	$74K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4508	+0.035%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4504	−0.063%	$11.8M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	−0.063%	$52.2M	$44.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4509	+0.048%	$14.2M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4507	+0.004%	$25.7M	$40.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	−0.018%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4508	+0.028%	$224K	$940K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4492	−0.338%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4503	−0.078%	$5K	$321K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4508	+0.025%	$425K	$856K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4507	+0.004%	$159K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4513	+0.130%	$72K	$997K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4508	+0.026%	$25K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4510	+0.071%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4509	+0.048%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.226%	$124K	$513K	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4506	−0.018%	$404K	$995K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4511	+0.093%	$36K	—	3x	as long as short
Aster ONDOUSDT	+0.0117%	4h	0.4509	+0.055%	$756K	$1.9M	20x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4504	−0.069%	$29K	$222K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4510	+0.064%	$371	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4508	+0.026%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0451%	1h	0.4514	+0.150%	$41.0M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0472%	1h	0.4513	+0.137%	$318K	$804K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0612% / S −0.0203%	1h	0.4505	−0.032%	$560K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4512	+0.124%	$1.2M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1136%	1h	0.4510	+0.067%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.7276%	1h	0.4507	long leg	$255K	$117K	5x