Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.015%

Price spread now: Deribit against OKX+0.069%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$390.395% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.069%, 7d avg +0.034%

Together, before fees−0.030%−$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 0.035% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.039% in total (about 2.1% 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	OKX ONDO-USDT-SWAP	0.4349	0.0100	pay 0.0050% / 4h	2h 01m	$17.3M	$74.0M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4352	0.0440	get 0.0055% / 1h	1m 41s	$18K	$362K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: $71.4
Price spread: +0.069% → +0.034%: $3.51
Slippage, 4 orders: −$22.48
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $35.44
Costs to cover: 0.395%
Break-even: 3.5 days

Slippage from OKX: live order book, 2 min ago; Deribit: live order book, 47 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 OKX live order book, 2 min ago	1.15 bp	7.9 bp −$8	16.7 bp −$167	234.8 bp −$23.5K	doesn't fit
Sell Deribit live order book, 47 min ago	5.76 bp	9.3 bp −$9	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	−0.0240%	1h	0.4352	+0.058%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4350	+0.015%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0008%	1h	0.4349	+0.003%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.036%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4355	+0.126%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4352	+0.080%	$347K	$895K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4355	+0.149%	$36.8M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4354	+0.107%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4350	+0.014%	$63.2M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4348	−0.023%	$67.9M	$126.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4349	long leg	$17.3M	$74.0M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4351	+0.051%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4352	+0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4351	+0.046%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4349	0.000%	$43.3M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	+0.046%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4353	+0.092%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4351	+0.046%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4354	+0.110%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.362%	$647K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4364	+0.341%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4362	+0.299%	$407K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.276%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4354	+0.110%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4351	+0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4353	+0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4352	+0.069%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4362	+0.299%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4352	+0.069%	$4.2M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4349	−0.010%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4350	+0.022%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4355	+0.126%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4355	+0.131%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.391%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4367	+0.407%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4360	+0.253%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0440%	1h	0.4352	+0.069%	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4350	+0.015%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4352	+0.066%	$2K	—	20x	as long as short