Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Extended+0.052%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.295% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.052%, 7d avg +0.010%

Together, before fees−0.117%+ Points / potential airdropExtended: Active · farm board−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.042% dearer against Extended than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ONDO-USD	0.4382	0.0104	pay 0.0013% / 1h	57m 38s	$396K	$788K	25x
Short	Bybit ONDOUSDT	0.4384	0.0100	get 0.0050% / 4h	1h 57m	$69.4M	$122.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$0.84
Price spread: +0.052% → +0.010%: $4.2
Slippage, 4 orders: −$13.5
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.14
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Extended: live order book, 5 min ago; Bybit: live order book, 1 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 Extended live order book, 5 min ago	4.54 bp	7.0 bp −$7	16.2 bp −$162	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.13 bp	6.9 bp −$7	13.3 bp −$133	48.8 bp −$4,880	doesn't fit

ONDO on 38 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
dYdX ONDO-USD	0.0000%	1h	0.4386	+0.100%	$248K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	+0.394%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.251%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4399	+0.393%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4400	+0.417%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4383	+0.029%	$375K	$831K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4390	+0.198%	$38.5M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4389	+0.173%	$661K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4386	+0.097%	$63.7M	$225.5M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4384	+0.052%	$69.4M	$122.0M	50x

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4385	+0.074%	$16.9M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.869%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4383	+0.036%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4382	+0.006%	$11.5M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4383	+0.029%	$46.3M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4388	+0.143%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4383	+0.029%	$24.9M	$39.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4382	+0.006%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.776%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	+0.760%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4403	+0.492%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.531%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4385	+0.079%	$78K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4402	+0.462%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4401	+0.440%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4411	+0.668%	$130K	$486K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4382	+0.014%	$6K	—	10x	as long as short
Extended ONDO-USDlong	+0.0104%	1h	0.4382	long leg	$396K	$788K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4404	+0.497%	$38K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0151%	4h	0.4398	+0.371%	$4.2M	$7.5M	50x	as long as short
Backpack ONDO_USDC_PERP	+0.0240%	1h	0.4397	+0.357%	$196K	$987K	15x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.837%	$35K	$214K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.919%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4388	+0.134%	$361	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	+0.462%	$23K	$349K	25x	as long as short
Lighter ONDO	+0.0480%	1h	0.4396	+0.328%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4398	+0.379%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4383	+0.029%	$2K	—	20x	as long as short