Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.060%

Price spread now: BloFin against Deribit−0.023%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$540.539% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.420%+$42 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.023%, 7d avg +0.008%

Together, before fees+0.519%+$52 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 BloFin is 0.031% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.420%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4379	0.0436	pay 0.0055% / 1h	15m 04s	$18K	$367K	25x
Short	BloFin ONDO-USDT	0.4378	0.0340	get 0.0170% / 4h	15m 04s	$3.1M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$20.16
Price spread: −0.023% → +0.008%: −$3.09
Slippage, 4 orders: −$34.95
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$77.2
Costs to cover: 0.539%
Break-even: never at this rate

Slippage from Deribit: live order book, 44 min ago; BloFin: live order book, 3 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, 44 min ago	9.14 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	3.42 bp	10.9 bp −$11	13.4 bp −$134	35.2 bp −$3,517	108.6 bp −$54.3K

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	0.4376	−0.072%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4375	−0.085%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.316%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4380	+0.027%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4377	−0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4380	+0.023%	$362K	$854K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4381	+0.046%	$37.7M	$24.8M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4378	−0.032%	$63.3M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4376	−0.069%	$67.6M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4378	−0.023%	$17.0M	$73.0M	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	0.4385	+0.142%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4379	−0.005%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4376	−0.069%	$11.5M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4376	−0.069%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4376	−0.069%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4377	−0.046%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4376	−0.069%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	−0.055%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4377	−0.052%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4379	0.000%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4381	+0.045%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4376	−0.069%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4380	+0.016%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4378	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4377	−0.046%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4386	+0.160%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4377	−0.046%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4377	−0.042%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4377	−0.050%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4380	+0.034%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4380	+0.025%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0217%	4h	0.4380	+0.019%	$757K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0269%	1h	0.4376	−0.058%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4379	0.000%	$271K	$727K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4378	−0.023%	$3.1M	$3.0M	75x
Phoenix ONDO	+0.0365%	1h	0.4382	+0.078%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0436%	1h	0.4379	long leg	$18K	$367K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4376	−0.065%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4377	−0.052%	$2K	—	20x	as long as short