Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.014%

Price spread now: SunX against Deribit+0.022%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$1561.561% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now +0.022%, 7d avg −0.027%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.048% dearer against Deribit than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.027%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 13 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.8% 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	0.4570	0.0407	pay 0.0051% / 1h	4m 05s	$31K	$431K	25x
Short	SunX ONDO-USDT	0.4571	0.0100	get 0.0050% / 4h	1h 04m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$64.47
Price spread: +0.022% → −0.027%: $4.85
Slippage, 4 orders: −$141.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$215.75
Costs to cover: 1.561%
Break-even: never at this rate

Slippage from Deribit: live order book, 15 min ago; SunX: live order book, 10 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, 15 min ago	4.34 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	47.08 bp	67.1 bp −$67	doesn't fit	doesn't fit	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	−0.0352%	1h	0.4568	−0.043%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4568	−0.042%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4567	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	−0.022%	$430K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4586	+0.350%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4584	+0.307%	$68.1M	$226.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4583	+0.284%	$74.4M	$122.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4583	+0.284%	$17.8M	$81.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4571	+0.018%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4568	−0.041%	—	—	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_USDT	+0.0100%	4h	0.4582	+0.263%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4584	+0.306%	$49.3M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4568	−0.044%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4584	+0.306%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4584	+0.306%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.156%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4561	−0.190%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.045%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.197%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4573	+0.057%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4571	+0.022%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4568	−0.044%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4575	+0.109%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4572	+0.044%	$4.7M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4566	−0.091%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4583	+0.281%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4571	+0.022%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	+0.127%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0148%	1h	0.4586	+0.350%	$231K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.044%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.547%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4570	0.000%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4588	+0.392%	$40.7M	$26.9M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4573	+0.077%	$376	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0407%	1h	0.4570	long leg	$31K	$431K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0608% / S −0.0197%	1h	0.4568	−0.044%	$559K	—	100x	as long as short
Lighter ONDO	+0.0728%	1h	0.4578	+0.175%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	−0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5809%	1h	0.4569	−0.031%	$259K	$129K	5x	as long as short