Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1606%/8h= +175.8% APRpaid last 24h +1.268%

Price spread now: dYdX against Bybit−0.081%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs+$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1041.036% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.794%+$279 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.081%, 7d avg +0.018%

Together, before fees+2.870%+$287 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.099% cheaper against Bybit than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.018%). If the spread goes back, that is −$10 on $10k: about 5 hours of funding at the current rate (+$48 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4321	0.0100	pay 0.0050% / 4h	13m 05s	$68.1M	$122.2M	50x
Short	dYdX ONDO-USD	0.4318	0.1706	get 0.0213% / 1h	13m 05s	$242K	$156K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $337.24
Price spread: −0.081% → +0.018%: −$9.87
Slippage, 4 orders: −$82.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: $223.75
Costs to cover: 1.036%
Break-even: 2.4 days

Slippage from Bybit: live order book, 1 min ago; dYdX: live order book, 26 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, 1 min ago	1.16 bp	9.0 bp −$9	13.8 bp −$138	49.7 bp −$4,970	doesn't fit
Sell dYdX live order book, 26 min ago	34.48 bp	46.8 bp −$47	173.8 bp −$1,738	252.2 bp −$25.2K	857.9 bp −$429.0K

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	−0.0176%	1h	0.4319	−0.054%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4319	−0.043%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.716%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4325	+0.097%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4319	−0.058%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.038%	$757K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	+0.011%	$62.9M	$234.0M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4321	long leg	$68.1M	$122.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4322	+0.023%	$17.3M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4324	+0.058%	$71K	$80K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4320	−0.023%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	−0.046%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	−0.023%	$44.0M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.023%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4323	+0.046%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4321	0.000%	—	$776K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	−0.007%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4314	−0.166%	$678K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4314	−0.172%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	−0.139%	$403K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4311	−0.231%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4323	+0.037%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4320	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4318	−0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.023%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4326	+0.116%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	−0.023%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4319	−0.056%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4320	−0.013%	$360K	$814K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4323	+0.046%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4323	+0.046%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4323	+0.053%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4320	−0.023%	$213K	$732K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4317	−0.083%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4319	−0.046%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0380%	1h	0.4324	+0.072%	$36.5M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4311	−0.230%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4322	+0.031%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.1706%	1h	0.4318	−0.081%	$242K	$156K	5x