Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.014%

Price spread now: Deribit against edgeX+0.190%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 3 days (all we have)−0.135%−$13 · spread now +0.190%, 7d avg +0.028%

Together, before fees−0.101%+ Points / potential airdropedgeX: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.162% dearer against edgeX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.028%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.034% in total (about 1.9% 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	edgeX ONDOUSDC	0.4561	0.0100	pay 0.0050% / 4h	1h 04m	$5K	$319K	20x
Short	Deribit ONDO_USDC-PERPETUAL	0.4570	0.0407	get 0.0051% / 1h	4m 51s	$31K	$431K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now +0.190%Rate

Funding earned: $64.47
Price spread: +0.190% → +0.028%: $16.25
Slippage, 4 orders: −$23.89
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $40.82
Costs to cover: 0.399%
Break-even: 2.6 days

Slippage from edgeX: live order book, 13 min ago; Deribit: live order book, 14 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 edgeX live order book, 13 min ago	4.34 bp	8.8 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Deribit live order book, 14 min ago	4.34 bp	14.4 bp −$14	doesn't fit	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	−0.0352%	1h	0.4567	+0.119%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4566	+0.106%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4567	+0.124%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4568	+0.152%	$430K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4571	+0.212%	$717K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4571	+0.216%	$67.9M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4570	+0.190%	$74.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4571	+0.212%	$17.8M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4571	+0.208%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	+0.209%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4568	+0.146%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4569	+0.168%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4567	+0.124%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4569	+0.168%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4570	+0.190%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	+0.034%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4561	long leg	$5K	$319K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.235%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.007%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	+0.234%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4571	+0.212%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	+0.168%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	+0.365%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	+0.190%	$4.7M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4569	+0.163%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4568	+0.149%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4570	+0.179%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	+0.317%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0146%	1h	0.4571	+0.205%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.146%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.738%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4570	+0.190%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4573	+0.256%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4576	+0.328%	$377	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0407%	1h	0.4570	+0.190%	$31K	$431K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0609% / S −0.0197%	1h	0.4569	+0.170%	$560K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4577	+0.348%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	+0.192%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5736%	1h	0.4563	+0.045%	$258K	$129K	5x	as long as short