Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +1.382%

Price spread now: dYdX against HTX−0.225%7-day average −0.162% · you buy dearer than you sell

Net, funding: paid 7d − costs+$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

costs, in and out, $10k−$1701.705% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.713%+$271 on $10k

Price spread, last 4 days (all we have)+0.271%+$27 · spread now −0.225%, 7d avg −0.162%

Together, before fees+2.984%+$298 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.063% cheaper against HTX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.162%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.713%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4346	0.0100	pay 0.0050% / 4h	2h 48m	$128K	$428K	50x
Short	dYdX ONDO-USD	0.4336	0.0049	get 0.0006% / 1h	48m 55s	$248K	$133K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against HTX. 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 HTXbpFee dYdXbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$10.75
Price spread: −0.225% → −0.162%: −$6.32
Slippage, 4 orders: −$148.46
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$187.53
Costs to cover: 1.705%
Break-even: never at this rate

Slippage from HTX: live order book, 65 min ago; dYdX: live order book, 65 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 HTX live order book, 65 min ago	2.26 bp	65.2 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 65 min ago	18.13 bp	66.2 bp −$66	201.9 bp −$2,019	230.4 bp −$23.0K	855.9 bp −$427.9K

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	−0.225%	$2.6M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4338	−0.187%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.108%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4338	−0.193%	$357	$2K	10x	as long as short
dYdX ONDO-USDshort	+0.0049%	1h	0.4336	−0.225%	$248K	$133K	5x
Lighter ONDO	+0.0096%	1h	0.4341	−0.110%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4338	−0.184%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	−0.138%	$352K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4339	−0.161%	$36.4M	$25.7M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4338	−0.184%	$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 ONDOUSDT	+0.0100%	4h	0.4335	−0.253%	$67.5M	$124.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4338	−0.184%	$17.1M	$72.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4338	−0.189%	$72K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4337	−0.200%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4337	−0.207%	$12.1M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4339	−0.161%	$43.4M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4337	−0.207%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4339	−0.161%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4337	−0.207%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4338	−0.184%	$176K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.167%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4337	−0.210%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.109%	$400K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	−0.184%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4340	−0.143%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4341	−0.115%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	−0.161%	$451	$13K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4346	long leg	$128K	$428K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.184%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4339	−0.159%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0102%	4h	0.4339	−0.161%	$777K	$2.6M	20x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	−0.188%	$389K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	−0.115%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4340	−0.138%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	0.000%	$218K	$767K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.007%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4339	−0.161%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4338	−0.178%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4338	−0.173%	$2K	—	20x	as long as short