Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.002%

Price spread now: Deribit against BingX−0.136%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1241.238% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now −0.136%, 7d avg +0.031%

Together, before fees+0.140%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.167% cheaper against BingX than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of +0.031%). If the spread goes back, that is −$17 on $10k: about 5.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ONDO-USDC	0.4411	0.0100	pay 0.0050% / 4h	1h 59m	—	$760K	—
Short	Deribit ONDO_USDC-PERPETUAL	0.4405	0.0204	get 0.0025% / 1h	59m 55s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.136%Rate

Funding earned: $21.84
Price spread: −0.136% → +0.031%: −$16.72
Slippage, 4 orders: −$106.84
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$118.72
Costs to cover: 1.238%
Break-even: 45.1 days

Slippage from BingX: live order book, 74 min ago; Deribit: live order book, 4 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 BingX live order book, 74 min ago	2.16 bp	49.6 bp −$50	102.5 bp −$1,025	548.3 bp −$54.8K	969.6 bp −$484.8K
Sell Deribit live order book, 4 min ago	6.80 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4403	−0.192%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	+0.003%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4402	−0.205%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.559%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4403	−0.181%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4408	−0.057%	$380K	$833K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4416	+0.109%	$38.7M	$24.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4408	−0.062%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4411	−0.005%	$64.0M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4413	+0.045%	$69.9M	$122.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	+0.091%	$17.0M	$72.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.200%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4405	−0.136%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4406	−0.113%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.068%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4405	−0.136%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4414	+0.068%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDClong	+0.0100%	4h	0.4411	long leg	—	$760K	—
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.107%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4410	−0.016%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	−0.071%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	+0.023%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4406	−0.107%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4407	−0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.136%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4412	+0.023%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	−0.095%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4407	−0.092%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	−0.031%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0177%	1h	0.4404	−0.154%	$196K	$988K	15x	as long as short
Phemex ONDOUSDT	+0.0177%	4h	0.4403	−0.181%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0204%	1h	0.4405	−0.136%	$23K	$349K	25x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.249%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.168%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4409	−0.057%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4401	−0.229%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4411	+0.009%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4403	−0.188%	$2K	—	20x	as long as short