Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.3681%/8h= −403.1% APRpaid last 24h −1.208%

Price spread now: Orderly against dYdX+0.026%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.026% dearer against dYdX than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$110 a day in funding at the current rate, which eats that in about under an hour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4305	0.3780	pay 0.0473% / 1h	48m 09s	$246K	$159K	5x
Short	Orderly PERP_ONDO_USDC	0.4306	0.0099	get 0.0050% / 4h	1h 48m	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.026%Rate

Funding earned: −$772.99
Price spread: +0.026% → 0.000%: $2.6
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$786.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 64 min ago; Orderly: no order-book sample. Net counts fees only.

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, 64 min ago	41.33 bp	46.3 bp −$46	94.9 bp −$949	123.8 bp −$12.4K	923.0 bp −$461.5K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 39 exchanges

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	−0.0326%	1h	0.4308	+0.078%	$2.5M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4308	+0.072%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4307	+0.043%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.112%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4314	+0.210%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0099%	4h	0.4306	+0.026%	$23K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4308	+0.061%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4309	+0.106%	$767K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4309	+0.103%	$62.7M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4307	+0.049%	$67.3M	$116.5M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4309	+0.096%	$17.3M	$66.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	+0.086%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4305	+0.013%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4310	+0.119%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4309	+0.096%	$45.9M	$40.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4306	+0.026%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4309	+0.096%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4308	+0.072%	—	$782K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4310	+0.117%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	+0.059%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	+0.149%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4322	+0.398%	$399K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.189%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4309	+0.091%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	+0.049%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4309	+0.096%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4313	+0.189%	$105K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4309	+0.096%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4305	+0.008%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4307	+0.045%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4308	+0.061%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4306	+0.031%	$354	$2K	10x	as long as short
Hyperliquid ONDO	+0.0158%	1h	0.4313	+0.177%	$36.2M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0182% / S +0.0252%	1h	0.4308	+0.073%	$363K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4316	+0.249%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4300	−0.113%	$213K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	+0.049%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4311	+0.134%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.3780%	1h	0.4305	long leg	$246K	$159K	5x