Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0573%/8h= −62.7% APRpaid last 24h −0.015%

Price spread now: Bybit against Deribit−0.623%45s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

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

costs, in and out, $10k−$380.376% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 4 days (all we have)+0.623%+$62 · spread now −0.623%, 7d avg −0.049%

Together, before fees+0.558%+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Bybit is 0.573% cheaper against Deribit than usual: you would sell low and buy high (−$57 if the spread goes back to its 7-day average of −0.049%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.065% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4336	0.0673	pay 0.0084% / 1h	34m 36s	$18K	$362K	25x
Short	Bybit ONDOUSDT	0.4309	0.0100	get 0.0050% / 4h	2h 34m	$67.2M	$125.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.623%Rate

Funding earned: −$120.33
Price spread: −0.623% → −0.049%: −$57.35
Slippage, 4 orders: −$19.59
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$215.27
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Deribit: live order book, 14 min ago; Bybit: live order book, 9 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, 14 min ago	5.76 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 9 min ago	1.16 bp	8.9 bp −$9	15.5 bp −$155	47.5 bp −$4,746	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	−0.0241%	1h	0.4332	−0.090%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	−0.090%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0020%	1h	0.4313	−0.523%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.351%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4313	−0.542%	$355	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4316	−0.464%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4314	−0.507%	$351K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4315	−0.489%	$36.1M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	−0.507%	$776K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4312	−0.551%	$62.0M	$235.6M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDTshort	+0.0100%	4h	0.4309	−0.623%	$67.2M	$125.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4312	−0.554%	$17.2M	$73.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4314	−0.503%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4311	−0.580%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4312	−0.554%	$12.1M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4312	−0.554%	$42.9M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	−0.530%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	−0.554%	$24.7M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4311	−0.577%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	−0.134%	$177K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−0.373%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4316	−0.462%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	−0.356%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4316	−0.461%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	−0.097%	$68K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4333	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4332	−0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	−0.023%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.092%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4332	−0.092%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4312	−0.562%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4311	−0.580%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	+0.009%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.231%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	−0.535%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	−0.092%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4329	−0.161%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0673%	1h	0.4336	long leg	$18K	$362K	25x
Reya ONDORUSDPERP	+0.1156%	1h	0.4332	−0.103%	$2K	—	20x	as long as short