Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.003%

Price spread now: Deribit against Paradex−0.021%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Deribit is 0.021% cheaper against Paradex than usual: you would sell low and buy high (spread −0.021% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ONDO-USD-PERP	0.4550	0.0100	pay 0.0100% / 8h	7h 49m	$7K	$9	10x
Short	Deribit ONDO_USDC-PERPETUAL	0.4549	0.0190	get 0.0024% / 1h	49m 53s	$33K	$363K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.021%Rate

Funding earned: $18.85
Price spread: −0.021% → 0.000%: −$2.09
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $5.76
Costs to cover: 0.110%
Break-even: 4.9 days

Slippage unknown: Paradex: no order-book sample; Deribit: live order book, 24 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit live order book, 24 min ago	6.57 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

Paradex: 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	−0.0878%	1h	0.4548	−0.038%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0103%	1h	0.4551	+0.023%	$173K	$315K	50x	as long as short
Gate ONDO_USDT	−0.0102%	4h	0.4550	+0.001%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4550	+0.006%	$257K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	+0.005%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.397%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4547	−0.065%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	+0.050%	$437K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4556	+0.131%	$40.2M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4554	+0.089%	$720K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4552	+0.045%	$68.1M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4552	+0.045%	$73.5M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4553	+0.067%	$17.6M	$79.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.115%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4552	+0.042%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4552	+0.045%	$48.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4553	+0.067%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4552	+0.045%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4553	+0.067%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4554	+0.087%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.179%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	−0.031%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	+0.064%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4556	+0.135%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	+0.067%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4549	−0.021%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.177%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4552	+0.045%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0100%	8h	0.4550	long leg	$7K	$9	10x
Extended ONDO-USD	+0.0104%	1h	0.4552	+0.041%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	−0.010%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0190%	1h	0.4549	−0.021%	$33K	$363K	25x
01 Exchange ONDOUSD	+0.0232%	1h	0.4556	+0.135%	$375	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4554	+0.080%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	−0.065%	$296K	$816K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.197%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0472%	1h	0.4559	+0.208%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4549	−0.015%	$544K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4553	+0.073%	$2K	—	20x	as long as short