Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h 0.000%

Price spread now: SoDEX against Bybit+0.111%46s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on SoDEX

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 for this trade now. Funding pays +$5 a day on $10k at the current rate, and SoDEX is 0.111% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	0.4504	−0.0072	get 0.0036% / 4h	3h 31m	$71.6M	$113.0M	50x
Short	SoDEX ONDO-USD	0.4509	0.0100	get 0.0013% / 1h	31m 33s	$469	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.111%Rate

Funding earned: $36.12
Price spread: +0.111% → 0.000%: $11.1
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $28.22
Costs to cover: 0.190%
Break-even: 1.5 days

Slippage unknown: Bybit: live order book, 3 min ago; SoDEX: 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, 3 min ago	1.11 bp	8.7 bp −$9	16.5 bp −$165	63.8 bp −$6,376	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.0940%	1h	0.4506	+0.049%	$2.9M	$7.3M	50x	as long as short
Phemex ONDOUSDT	−0.0573%	4h	0.4509	+0.111%	$5.0M	$6.0M	50x	as long as short
Bybit ONDOUSDTlong	−0.0072%	4h	0.4504	long leg	$71.6M	$113.0M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4511	+0.155%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	+0.041%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.954%	$994	$82K	5.5x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4507	+0.068%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	0.000%	$439K	$648K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4507	+0.071%	$66.9M	$217.8M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	0.000%	$17.7M	$78.8M	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	0.4503	−0.020%	$74K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4508	+0.098%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4504	0.000%	$11.8M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	0.000%	$52.2M	$44.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4509	+0.111%	$14.2M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4507	+0.067%	$25.7M	$40.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	+0.044%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4508	+0.091%	$224K	$940K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4492	−0.276%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4503	−0.016%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4508	+0.088%	$425K	$856K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4507	+0.067%	$159K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4513	+0.193%	$72K	$997K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4508	+0.089%	$25K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4510	+0.133%	—	$1.4M	20x	as long as short
SoDEX ONDO-USDshort	+0.0100%	1h	0.4509	+0.111%	$469	$14K	10x
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.289%	$124K	$513K	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4506	+0.045%	$404K	$995K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4511	+0.155%	$36K	—	3x	as long as short
Aster ONDOUSDT	+0.0117%	4h	0.4509	+0.118%	$756K	$1.9M	20x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4504	−0.007%	$29K	$222K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4510	+0.127%	$371	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4508	+0.089%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0451%	1h	0.4514	+0.213%	$41.0M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0472%	1h	0.4513	+0.200%	$318K	$804K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0612% / S −0.0203%	1h	0.4505	+0.030%	$560K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4512	+0.187%	$1.2M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1136%	1h	0.4510	+0.129%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.7276%	1h	0.4507	+0.063%	$255K	$117K	5x	as long as short