Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Nado against Bybit+0.133%49s7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.305% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 4 days (all we have)−0.025%−$2 · spread now +0.133%, 7d avg +0.034%

Together, before fees+0.024%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.099% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.034%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4323	0.0100	pay 0.0050% / 4h	1h 45m	$67.4M	$126.4M	50x
Short	Nado ONDO-PERP	0.4329	0.0100	get 0.0012% / 1h	45m 37s	$346K	$894K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.133%Rate

Funding earned: $0
Price spread: +0.133% → +0.034%: $9.94
Slippage, 4 orders: −$12.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$20.59
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Nado: live order book, 63 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	1.15 bp	8.2 bp −$8	14.1 bp −$141	50.3 bp −$5,029	doesn't fit
Sell Nado live order book, 63 min ago	0.46 bp	5.4 bp −$5	21.2 bp −$212	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	−0.0146%	1h	0.4326	+0.081%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4325	+0.051%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4327	+0.093%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.667%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	+0.090%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4329	+0.133%	$346K	$894K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4328	+0.114%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4325	+0.041%	$62.8M	$238.4M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4323	long leg	$67.4M	$126.4M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4325	+0.046%	$17.2M	$73.5M	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	0.4348	+0.571%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4325	+0.042%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4324	+0.023%	$12.3M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4325	+0.046%	$42.8M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4324	+0.023%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4325	+0.046%	$24.8M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4325	+0.046%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4328	+0.109%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.017%	$643K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4332	+0.209%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4343	+0.463%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4342	+0.440%	$133K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4329	+0.139%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4327	+0.093%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4328	+0.116%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4328	+0.116%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4332	+0.208%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4329	+0.139%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4324	+0.017%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4324	+0.024%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	+0.150%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4327	+0.088%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4328	+0.116%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4349	+0.608%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4334	+0.254%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0345%	1h	0.4326	+0.067%	$36.3M	$27.3M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0443%	1h	0.4329	+0.139%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4327	+0.089%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4327	+0.093%	$2K	—	20x	as long as short