Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0098%/8h= −10.8% APRpaid last 24h +1.480%

Price spread now: dYdX against SunX−0.158%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$351as in the Price arb table

costs, in and out, $10k−$3363.360% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.703%+$270 on $10k

Price spread, last 4 days (all we have)+0.515%+$51 · spread now −0.158%, 7d avg −0.006%

Together, before fees+3.218%+$322 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.152% cheaper against SunX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.006%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.703%, 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	SunX ONDO-USDT	0.4432	0.0100	pay 0.0050% / 4h	1h 29m	—	$1.4M	20x
Short	dYdX ONDO-USD	0.4425	0.0002	get 0.0000% / 1h	29m 24s	$250K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against SunX. 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 SunXbpFee dYdXbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$20.66
Price spread: −0.158% → −0.006%: −$15.23
Slippage, 4 orders: −$317.96
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$371.85
Costs to cover: 3.360%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; dYdX: live order book, 35 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 SunX live order book, 5 min ago	46.46 bp	66.0 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 35 min ago	83.09 bp	115.4 bp −$115	227.4 bp −$2,274	301.4 bp −$30.1K	626.7 bp −$313.3K

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
dYdX ONDO-USDshort	+0.0002%	1h	0.4425	−0.158%	$250K	$129K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4422	−0.231%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.069%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4424	−0.181%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4420	−0.271%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4425	−0.169%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4423	−0.195%	$64.1M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4421	−0.248%	$69.9M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4421	−0.248%	$17.1M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4422	−0.232%	$72K	$87K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4424	−0.175%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4423	−0.203%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4423	−0.203%	$46.8M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4425	−0.158%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4425	−0.158%	$25.3M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4424	−0.181%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4427	−0.122%	$717K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4421	−0.246%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4435	+0.069%	$415K	$992K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4427	−0.113%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4426	−0.142%	$71K	$1.3M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4432	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4427	−0.113%	$460	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4436	+0.090%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4425	−0.158%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4425	−0.153%	$401K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4430	−0.045%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0106%	8h	0.4427	−0.109%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0170%	4h	0.4427	−0.105%	$713K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0202%	1h	0.4428	−0.095%	$38.4M	$24.5M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0223%	1h	0.4428	−0.081%	$194K	$981K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4433	+0.023%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4432	0.000%	$3.1M	$3.1M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4435	+0.068%	$285K	$705K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4426	−0.131%	$364	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0428%	1h	0.4429	−0.068%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4421	−0.254%	$488K	—	100x	as long as short
Lighter ONDO	+0.0888%	1h	0.4437	+0.104%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4425	−0.154%	$2K	—	20x	as long as short