Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.3749%/8h= +410.5% APRpaid last 24h +1.203%

Price spread now: dYdX against Bitget−0.077%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$201as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$910.910% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.923%+$292 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.077%, 7d avg −0.015%

Together, before fees+3.005%+$301 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.062% cheaper against Bitget than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.015%). If the spread goes back, that is −$6 on $10k: about 1 hour of funding at the current rate (+$112 a day). At the pace of the last 7 days (+2.923% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4293	0.0100	pay 0.0050% / 4h	47m 30s	$24.9M	$30.6M	50x
Short	dYdX ONDO-USD	0.4290	0.3849	get 0.0481% / 1h	47m 30s	$245K	$159K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $787.31
Price spread: −0.077% → −0.015%: −$6.19
Slippage, 4 orders: −$68.95
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $690.17
Costs to cover: 0.910%
Break-even: 0.9 days

Slippage from Bitget: live order book, 4 min ago; dYdX: live order book, 60 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 Bitget live order book, 4 min ago	1.17 bp	10.0 bp −$10	18.0 bp −$180	53.1 bp −$5,308	doesn't fit
Sell dYdX live order book, 60 min ago	10.37 bp	50.2 bp −$50	242.8 bp −$2,428	266.2 bp −$26.6K	523.6 bp −$261.8K

ONDO on 39 exchanges

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	−0.0259%	1h	0.4291	−0.046%	$2.5M	$6.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4291	−0.047%	$21K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4290	−0.080%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.406%	$888	$214K	5.5x	as long as short
Bybit ONDOUSDT	+0.0063%	4h	0.4295	+0.047%	$67.1M	$112.6M	50x	as long as short
ApeX Omni ONDOUSDT	+0.0070%	1h	0.4283	−0.233%	$85K	$350K	50x	as long as short
Lighter ONDO	+0.0096%	1h	0.4294	+0.019%	$1.0M	$2.1M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4289	−0.093%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4289	−0.093%	$329K	$815K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4292	−0.033%	$36.1M	$26.2M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4297	+0.085%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4295	+0.045%	$62.0M	$211.5M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4293	0.000%	$17.1M	$65.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4280	−0.305%	$68K	$65K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4294	+0.024%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4291	−0.047%	$14.1M	$12.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4292	−0.023%	$43.8M	$39.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4289	−0.093%	$12.9M	$8.9M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4293	long leg	$24.9M	$30.6M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4292	−0.023%	—	$781K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4291	−0.056%	$176K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4281	−0.271%	$613K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4279	−0.330%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4282	−0.252%	$394K	$2.1M	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4290	−0.065%	$53K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4291	−0.047%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4291	−0.047%	$446	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4295	+0.047%	$105K	$439K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4292	−0.023%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4292	−0.027%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4292	−0.022%	$346K	$760K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4292	−0.028%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4297	+0.100%	$354	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0162% / S +0.0061%	1h	0.4289	−0.103%	$271K	—	100x	as long as short
Phoenix ONDO	+0.0167%	1h	0.4289	−0.082%	$34K	$204K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0240%	1h	0.4305	+0.280%	$212K	$548K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4275	−0.419%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1168%	1h	0.4286	−0.155%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.3849%	1h	0.4290	−0.077%	$245K	$159K	5x