Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h −0.017%

Price spread now: Gate against Deribit−0.175%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now −0.175%, 7d avg −0.053%

Together, before fees+0.137%+$14 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 Gate is 0.122% cheaper against Deribit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4576	0.0187	pay 0.0023% / 1h	26m 03s	$26K	$396K	25x
Short	Gate ONDO_USDT	0.4568	0.0100	get 0.0050% / 4h	1h 26m	$11.9M	$18.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.175%Rate

Funding earned: −$18.27
Price spread: −0.175% → −0.053%: −$12.23
Slippage, 4 orders: −$37.83
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$90.33
Costs to cover: 0.598%
Break-even: never at this rate

Slippage from Deribit: live order book, 58 min ago; Gate: 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, 58 min ago	5.53 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	1.10 bp	19.3 bp −$19	41.7 bp −$417	51.4 bp −$5,142	80.1 bp −$40.1K

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	−0.0352%	1h	0.4567	−0.191%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	−0.061%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4573	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4573	−0.071%	$431K	$700K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4574	−0.050%	$733K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4572	−0.087%	$67.5M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4571	−0.109%	$74.4M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4572	−0.087%	$17.8M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4584	+0.170%	$74K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4566	−0.221%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDTshort	+0.0100%	4h	0.4568	−0.175%	$11.9M	$18.4M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4569	−0.153%	$47.9M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4571	−0.109%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4571	−0.109%	$25.9M	$41.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4569	−0.153%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4571	−0.105%	$235K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.810%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4554	−0.477%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4558	−0.389%	$427K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4556	−0.437%	$163K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	−0.024%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4574	−0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4570	−0.131%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4574	−0.044%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4567	−0.197%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4566	−0.227%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4570	−0.138%	$409K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	−0.022%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4555	−0.470%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.175%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0187%	1h	0.4576	long leg	$26K	$396K	25x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4571	−0.109%	$300K	$866K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4573	−0.066%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4573	−0.059%	$376	$2K	10x	as long as short
Hyperliquid ONDO	+0.0417%	1h	0.4576	+0.002%	$41.0M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0624% / S −0.0204%	1h	0.4573	−0.064%	$570K	—	100x	as long as short
Lighter ONDO	+0.0664%	1h	0.4578	+0.039%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4575	−0.025%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3181%	1h	0.4570	−0.126%	$259K	$129K	5x	as long as short