Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.002%

Price spread now: Deribit against MEXC+0.045%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on MEXC 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)−0.008%−$1 · spread now +0.045%, 7d avg +0.024%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.022% dearer against MEXC than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.024%.

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 1.8% 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	MEXC ONDO_USDT	0.4401	0.0100	pay 0.0050% / 4h	2h 17m	$46.3M	$43.6M	200x
Short	Deribit ONDO_USDC-PERPETUAL	0.4403	0.0432	get 0.0054% / 1h	17m 05s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now +0.045%Rate

Funding earned: $69.72
Price spread: +0.045% → +0.024%: $2.15
Slippage, 4 orders: −$17.39
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $47.48
Costs to cover: 0.244%
Break-even: 2.2 days

Slippage from MEXC: live order book, 2 min ago; Deribit: live order book, 52 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 MEXC live order book, 2 min ago	1.13 bp	1.1 bp −$1	5.0 bp −$50	17.9 bp −$1,792	95.8 bp −$47.9K
Sell Deribit live order book, 52 min ago	4.35 bp	12.2 bp −$12	doesn't fit	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.0363%	1h	0.4402	+0.021%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4404	+0.057%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4400	−0.022%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.795%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4402	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4400	−0.011%	$385K	$861K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4403	+0.039%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4400	−0.020%	$63.8M	$231.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	+0.023%	$69.7M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4401	0.000%	$17.0M	$75.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4413	+0.264%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4399	−0.052%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4397	−0.091%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4401	long leg	$46.3M	$43.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4401	0.000%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4400	−0.023%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4400	−0.023%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.334%	$769K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.149%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4412	+0.260%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.091%	$135K	$366K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4402	+0.034%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4404	+0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4404	+0.068%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4409	+0.182%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4404	+0.076%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4403	+0.042%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	+0.091%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0142%	1h	0.4403	+0.043%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDO	+0.0271%	1h	0.4405	+0.082%	$38.8M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.477%	$284K	$744K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.550%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4402	+0.018%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0432%	1h	0.4403	+0.045%	$23K	$349K	25x
Phemex ONDOUSDT	+0.0451%	4h	0.4403	+0.045%	$4.2M	$7.4M	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4401	−0.005%	$485K	—	100x	as long as short
Lighter ONDO	+0.0776%	1h	0.4410	+0.211%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4401	+0.003%	$2K	—	20x	as long as short