Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.003%

Price spread now: Deribit against Bybit0.000%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)+0.005%$0 · spread now 0.000%, 7d avg +0.057%

Together, before fees+0.050%+$5 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 Deribit is 0.057% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4600	0.0100	pay 0.0050% / 4h	3h 30m	$74.4M	$120.2M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4600	0	get 0.0000% / 1h	30m 37s	$34K	$363K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21
Price spread: 0.000% → +0.057%: −$5.72
Slippage, 4 orders: −$24.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$69.21
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 43 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 Bybit live order book, 3 min ago	1.08 bp	8.9 bp −$9	14.4 bp −$144	50.7 bp −$5,069	doesn't fit
Sell Deribit live order book, 43 min ago	6.57 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_ONDOUSD	−0.0868%	1h	0.4600	+0.011%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4600	+0.009%	$260K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4600	0.000%	$34K	$363K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4598	−0.041%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.696%	$888	$216K	5.5x	as long as short
Phemex ONDOUSDT	+0.0068%	4h	0.4601	+0.022%	$4.6M	$7.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4598	−0.043%	$25K	$6K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4605	+0.115%	$727K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4602	+0.036%	$68.9M	$224.2M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4600	long leg	$74.4M	$120.2M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4601	+0.022%	$17.6M	$79.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4613	+0.287%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4609	+0.197%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4603	+0.065%	$12.1M	$16.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4601	+0.022%	$49.9M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4600	0.000%	$14.2M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4602	+0.043%	$26.1M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4601	+0.022%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4604	+0.089%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4597	−0.070%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4629	+0.634%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4631	+0.676%	$429K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4611	+0.239%	$172K	$349K	50x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4603	+0.065%	$432K	$710K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4607	+0.163%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4606	+0.130%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4601	+0.022%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4604	+0.087%	$135K	$492K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4600	+0.005%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4603	+0.071%	$417K	$842K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4603	+0.076%	$40K	$13K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4636	+0.780%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4609	+0.204%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4631	+0.674%	$300K	$829K	50x	as long as short
Hyperliquid ONDO	+0.0281%	1h	0.4610	+0.207%	$41.0M	$25.5M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4594	−0.130%	$3.3M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4597	−0.057%	$550K	—	100x	as long as short
Lighter ONDO	+0.0592%	1h	0.4609	+0.200%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4602	+0.033%	$2K	—	20x	as long as short