Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.029%

Price spread now: Bybit against gTrade (Gains Network)−0.090%52s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Bybit is 0.090% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.090% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ONDO/USD	0.4341	L +0.0003% / S −0.0011%	pay 0.0000% / 1h	49m 35s	$7K	—	150x
Short	Bybit ONDOUSDT	0.4337	0.0100	get 0.0050% / 4h	2h 49m	$67.5M	$124.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.090%Rate

Funding earned: $20.28
Price spread: −0.090% → 0.000%: −$9.01
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$9.73
Costs to cover: 0.210%
Break-even: 10.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 4 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.15 bp	7.9 bp −$8	17.1 bp −$171	56.7 bp −$5,669	doesn't fit

gTrade (Gains Network): 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 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	−0.0241%	1h	0.4336	−0.115%	$2.6M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USDlong	L +0.0003% / S −0.0011%	1h	0.4341	long leg	$7K	—	150x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.231%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4338	−0.076%	$357	$2K	10x	as long as short
dYdX ONDO-USD	+0.0049%	1h	0.4336	−0.108%	$248K	$133K	5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4341	0.000%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4341	+0.002%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	−0.021%	$352K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4339	−0.056%	$36.4M	$25.7M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4340	−0.021%	$62.5M	$234.3M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDTshort	+0.0100%	4h	0.4337	−0.090%	$67.5M	$124.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4339	−0.044%	$17.1M	$72.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4338	−0.072%	$72K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4337	−0.083%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4338	−0.067%	$12.1M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4339	−0.044%	$43.4M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4338	−0.067%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4340	−0.021%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4340	−0.021%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4339	−0.053%	$176K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.050%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4337	−0.093%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	+0.009%	$400K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	−0.067%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4340	−0.026%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4342	+0.025%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	−0.044%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4348	+0.163%	$129K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.067%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4339	−0.042%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0102%	4h	0.4340	−0.026%	$777K	$2.6M	20x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	−0.071%	$389K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4344	+0.071%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4343	+0.048%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.117%	$218K	$767K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.124%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	−0.021%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4341	+0.002%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4338	−0.056%	$2K	—	20x	as long as short