Funding arb · Price arb /

ORCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0669%/8h= −73.2% APRpaid last 24h −0.099%

Price spread now: Ondo Perps against Bybit−0.020%47s7-day average −0.118% · 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 7 days−0.159%−$16 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now −0.020%, 7d avg −0.118%

Together, before fees−0.297%+ Points / potential airdropOndo Perps: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.098% dearer against Bybit than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.118%): +$10 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.159% in total) that is about 4.3 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% 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	Bybit ORCLUSDT	149.58	0.0719	pay 0.0719% / 8h	3h 40m	$4.1M	$1.8M	50x
Short	Ondo Perps ORCL-USD.P	149.55	0.0050	get 0.0006% / 1h	40m 48s	$703K	$724K	10x

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

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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 −0.020%Rate

Funding earned: −$140.39
Price spread: −0.020% → −0.118%: $9.78
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: −$146.61
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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, 2 min ago	0.67 bp	12.7 bp −$13	21.0 bp −$210	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.

ORCL on 28 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
edgeX ORCLUSDC	−0.0509%	4h	149.69	+0.070%	$28K	$213K	10x	as long as short
Aster ORCLUSDT	0.0000%	8h	149.44	−0.093%	$94K	$16K	20x	as long as short
Bitget ORCLUSDT	0.0000%	8h	149.60	+0.013%	$7.7M	$3.8M	20x	as long as short
SunX ORCL-USDT	0.0000%	8h	149.76	+0.120%	$3K	$2.7M	10x	as long as short
HTX ORCL-USDT	0.0000%	8h	149.82	+0.160%	$52K	$24K	20x	as long as short
Lighter ORCL	+0.0032%	1h	149.58	0.000%	$474K	$51K	10x	as long as short
Lighter RH ORCL	+0.0032%	1h	149.57	−0.007%	$624K	$315K	10x	as long as short
Nado ORCL-PERP	+0.0033%	1h	149.45	−0.089%	$91K	$20K	10x	as long as short
Injective ORCL/USDC PERP	+0.0033%	1h	149.06	−0.348%	$20K	$12K	12x	as long as short
Arcus ORCL-USD	+0.0040%	1h	149.57	−0.007%	$87K	$79K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest ORCL-USD-PERP	+0.0046%	1h	149.62	+0.027%	—	$67K	25x	as long as short
tradeXYZ xyz:ORCL	+0.0050%	1h	149.40	−0.120%	$21.6M	$6.8M	10x	as long as short
Polymarket Perps ORCL-USD	+0.0050%	1h	149.50	−0.053%	$131K	$90K	10x	as long as short
SoDEX ORCL-USD	+0.0050%	1h	149.55	−0.020%	$30K	$3K	10x	as long as short
Ondo Perps ORCL-USD.Pshort	+0.0050%	1h	149.55	−0.020%	$703K	$724K	10x
QFEX ORCL-USD	+0.0067%	1h	149.54	−0.027%	$1.1M	$2.1M	10x	as long as short
ApeX Omni ORACLEUSDT	+0.0100%	1h	149.57	−0.007%	$22K	$262K	50x	as long as short
Orderly PERP_ORCL_USDC_mythos	+0.0100%	8h	149.53	−0.033%	$190	—	10x	as long as short
GRVT ORCL_USDT_Perp	+0.0214%	8h	149.67	+0.060%	$2K	$177K	10x	as long as short
Variational Omni ORCL	+0.0242%	8h	149.52	−0.038%	$1.3M	$363K	—	as long as short
Gate ORCL_USDT	+0.0298%	8h	149.57	−0.007%	$2.3M	$3.0M	25x	as long as short
Extended ORCL_24_5-USD	+0.0320%	1h	149.47	−0.075%	$390K	$1.3M	10x	as long as short
Binance ORCLUSDT	+0.0322%	8h	149.51	−0.047%	$25.2M	$35.4M	20x	as long as short
KuCoin ORCLUSDTM	+0.0358%	8h	149.68	+0.067%	$261K	$279K	20x	as long as short
OKX ORCL-USDT-SWAP	+0.0387%	8h	149.52	−0.040%	$5.0M	$5.8M	20x	as long as short
Phoenix ORCL	+0.0535%	1h	149.57	−0.007%	$153K	$75K	10x	as long as short
Bybit ORCLUSDTlong	+0.0719%	8h	149.58	long leg	$4.1M	$1.8M	50x
BloFin ORCL-USDT	+0.0749%	8h	149.67	+0.060%	$47K	$43K	20x	as long as short