Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.093%

Price spread now: Bybit against Coinbase International+0.115%7-day average −0.251% · you sell dearer than you buy

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$640.636% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.803%−$80 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.115%, 7d avg −0.251%

Together, before fees−0.792%−$79 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.367% dearer against Coinbase International than usual: you sell high and buy low (spread +0.115% now, against its 7-day average of −0.251%): +$37 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 7.8 days. At the pace of the last 7 days (−0.803% in total) that is about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4339	0.0256	pay 0.0032% / 1h	47m 45s	$214K	$735K	50x
Short	Bybit ONDOUSDT	0.4344	0.0100	get 0.0050% / 4h	3h 47m	$68.6M	$121.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$32.76
Price spread: +0.115% → −0.251%: $36.67
Slippage, 4 orders: −$42.63
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.72
Costs to cover: 0.636%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 51 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 51 min ago	9.26 bp	32.6 bp −$33	74.6 bp −$746	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.15 bp	7.7 bp −$8	12.5 bp −$125	48.1 bp −$4,813	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	−0.0176%	1h	0.4341	+0.039%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4341	+0.047%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.278%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4347	+0.175%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4343	+0.092%	$347K	$890K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4348	+0.207%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4345	+0.138%	$63.5M	$233.8M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4344	+0.115%	$68.6M	$121.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4345	+0.138%	$17.4M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4341	+0.055%	$71K	$81K	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	0.4339	−0.004%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4344	+0.115%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4345	+0.138%	$44.6M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4345	+0.138%	$12.2M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4345	+0.138%	$24.9M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4345	+0.138%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4343	+0.092%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.005%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4330	−0.199%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	−0.149%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	−0.184%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4339	0.000%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4341	+0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4338	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4343	+0.092%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4345	+0.138%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4342	+0.069%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4338	−0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4346	+0.154%	$366K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4344	+0.115%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4343	+0.092%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0256%	1h	0.4339	long leg	$214K	$735K	50x
Phoenix ONDO	+0.0277%	1h	0.4338	−0.032%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4344	+0.111%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	−0.023%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4341	+0.036%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0643%	1h	0.4350	+0.258%	$36.7M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4341	+0.052%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1744%	1h	0.4334	−0.106%	$243K	$155K	5x	as long as short