Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Bybit−0.026%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.026% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4387	0.0100	pay 0.0050% / 4h	3h 45m	$68.1M	$126.2M	50x
Short	gTrade (Gains Network) ONDO/USD	0.4386	L +0.0003% / S −0.0011%	get 0.0001% / 1h	45m 13s	$7K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.026%Rate

Funding earned: −$18.76
Price spread: −0.026% → 0.000%: −$2.62
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$42.38
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; gTrade (Gains Network): 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, 4 min ago	1.14 bp	8.6 bp −$9	14.5 bp −$145	46.9 bp −$4,688	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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.

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	−0.0159%	1h	0.4389	+0.053%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4385	−0.055%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USDshort	L +0.0003% / S −0.0011%	1h	0.4386	−0.026%	$7K	—	150x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.126%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4394	+0.150%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4389	+0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4387	+0.011%	$362K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4389	+0.046%	$63.5M	$231.0M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4387	long leg	$68.1M	$126.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4390	+0.068%	$17.2M	$73.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4382	−0.112%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4384	−0.068%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4387	0.000%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4389	+0.046%	$43.8M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4389	+0.046%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4389	+0.046%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4389	+0.046%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4391	+0.084%	$185K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4386	−0.029%	$716K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.080%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	+0.068%	$407K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4390	+0.068%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4385	−0.039%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4385	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4391	+0.091%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4399	+0.274%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4390	+0.068%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4384	−0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4391	+0.092%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4388	+0.022%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4385	−0.041%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0212%	4h	0.4388	+0.013%	$784K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4384	−0.068%	$260K	$738K	50x	as long as short
Hyperliquid ONDO	+0.0300%	1h	0.4394	+0.148%	$37.8M	$24.6M	10x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4391	+0.096%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4389	+0.046%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4392	+0.114%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4386	−0.029%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4386	−0.029%	$2K	—	20x	as long as short