Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.021%

Price spread now: Binance against Deribit−0.367%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.506%+$51 · spread now −0.367%, 7d avg +0.002%

Together, before fees+0.446%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.369% cheaper against Deribit than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4361	0.0209	pay 0.0026% / 1h	55m 58s	$24K	$363K	25x
Short	Binance ONDOUSDT	0.4345	0.0100	get 0.0050% / 4h	2h 55m	$63.4M	$228.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.367%Rate

Funding earned: −$22.89
Price spread: −0.367% → +0.002%: −$36.87
Slippage, 4 orders: −$17.58
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$94.34
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Deribit: live order book, 38 min ago; Binance: live order book, 2 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 Deribit live order book, 38 min ago	5.78 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.15 bp	6.1 bp −$6	10.8 bp −$108	36.7 bp −$3,668	420.4 bp −$210.2K

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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	+0.407%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4357	−0.084%	$2.5M	$7.4M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.747%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4365	+0.083%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	+0.011%	$342K	$873K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4348	−0.298%	$758K	$2.8M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4345	−0.367%	$63.4M	$228.9M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4340	−0.482%	$68.1M	$120.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4343	−0.413%	$17.3M	$70.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4367	+0.140%	$72K	$78K	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	0.4362	+0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4344	−0.390%	$13.5M	$14.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4344	−0.390%	$43.9M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	−0.229%	$13.1M	$10.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4347	−0.321%	$25.3M	$35.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4344	−0.390%	—	$22.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4354	−0.156%	$185K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4356	−0.123%	$772K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4373	+0.276%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	+0.390%	$403K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4380	+0.436%	$136K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4365	+0.087%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4358	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4359	−0.046%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	−0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4372	+0.252%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4356	−0.115%	$4.3M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4364	+0.077%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4344	−0.385%	$363K	$788K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4357	−0.098%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0124%	1h	0.4356	−0.115%	$36.6M	$27.9M	10x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4363	+0.048%	$359	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0209%	1h	0.4361	long leg	$24K	$363K	25x
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4363	+0.046%	$216K	$707K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4372	+0.243%	$35K	$217K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	+0.115%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4359	−0.047%	$504K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1164%	1h	0.4357	−0.101%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4219%	1h	0.4363	+0.049%	$250K	$160K	5x	as long as short