Funding arb · Price arb /

MINIMAX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0225%/8h= −24.6% APRpaid last 24h +0.260%

Price spread now: Ondo Perps against Bybit−0.131%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Ondo Perps is 0.131% cheaper against Bybit than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MINIMAXUSDT	38.080	0.0275	pay 0.0275% / 8h	4h 09m	$929K	$1.1M	25x
Short	Ondo Perps MINIMAX-USD.P	38.030	0.0050	get 0.0006% / 1h	9m 43s	$27K	$42K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. 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 BybitbpFee Ondo PerpsbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$47.23
Price spread: −0.131% → 0.000%: −$13.13
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$76.36
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Ondo Perps: no order-book sample. 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 Bybit live order book, 1 min ago	6.57 bp	34.9 bp −$35	180.6 bp −$1,806	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

MINIMAX on 17 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
Gate MINIMAX_USDT	0.0000%	8h	38.100	+0.053%	$1.4M	$3.9M	50x	as long as short
SunX MINIMAX-USDT	0.0000%	4h	38.080	0.000%	$15	$2.3M	10x	as long as short
HTX MINIMAX-USDT	0.0000%	4h	38.071	−0.024%	$43K	$216K	20x	as long as short
SoDEX MINIMAX-USD	+0.0050%	1h	38.027	−0.139%	$95K	$3K	10x	as long as short
Ondo Perps MINIMAX-USD.Pshort	+0.0050%	1h	38.030	−0.131%	$27K	$42K	5x
Lighter MINIMAX	+0.0088%	1h	38.069	−0.029%	$43K	$25K	10x	as long as short
Aevo MINIMAX-PERP	+0.0144%	1h	38.041	−0.102%	—	—	10x	as long as short
Bybit MINIMAXUSDTlong	+0.0275%	8h	38.080	long leg	$929K	$1.1M	25x
Aster MINIMAXUSDT	+0.0364%	8h	38.058	−0.057%	$34K	$150K	20x	as long as short
KuCoin MINIMAXUSDTM	+0.0516%	4h	38.050	−0.079%	$100K	$39K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MINIMAX_USDT_Perp	+0.0830%	4h	38.076	−0.010%	$218	$126K	10x	as long as short
Bitget MINIMAXUSDT	+0.0832%	8h	38.055	−0.066%	$1.3M	$2.6M	20x	as long as short
tradeXYZ xyz:MINIMAX	+0.0841%	1h	38.037	−0.113%	$4.4M	$2.9M	10x	as long as short
Binance MINIMAXUSDT	+0.0863%	4h	38.043	−0.096%	$6.4M	$30.6M	25x	as long as short
Extended MINIMAX-USD	+0.0872%	1h	38.029	−0.133%	$3K	—	10x	as long as short
OKX MINIMAX-USDT-SWAP	+0.1395%	8h	38.100	+0.053%	$2.6M	$8.3M	20x	as long as short
edgeX MINIMAXUSDC	+0.1630%	4h	38.052	−0.074%	$29K	$184K	10x	as long as short