Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.9203%/8h= −1007.7% APRpaid last 24h −1.612%

Price spread now: Gate against dYdX−0.066%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$451as in the Funding arb table

Net, price: spread back to 7d avg − costs−$198as in the Price arb table

costs, in and out, $10k−$1931.933% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−2.575%−$257 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.066%, 7d avg −0.019%

Together, before fees−2.637%−$264 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$276 a day on $10k at the current rate, and Gate is 0.047% cheaper against dYdX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.575% in total (about -134.3% 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	dYdX ONDO-USD	0.4499	0.9303	pay 0.1163% / 1h	6m 00s	$255K	$129K	5x
Short	Gate ONDO_USDT	0.4496	0.0100	get 0.0050% / 4h	2h 06m	$11.7M	$18.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against dYdX. 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 dYdXbpFee GatebpOrdersPrice spread, now −0.066%Rate

Funding earned: −$1,932.54
Price spread: −0.066% → −0.019%: −$4.7
Slippage, 4 orders: −$168.28
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$2,130.52
Costs to cover: 1.933%
Break-even: never at this rate

Slippage from dYdX: live order book, 18 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 dYdX live order book, 18 min ago	27.19 bp	32.2 bp −$32	32.2 bp −$322	105.6 bp −$10.6K	741.0 bp −$370.5K
Sell Gate live order book, 3 min ago	2.21 bp	22.1 bp −$22	43.0 bp −$430	51.6 bp −$5,162	80.3 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	−0.1131%	1h	0.4496	−0.076%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4500	+0.023%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4497	−0.040%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4517	+0.405%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.512%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4497	−0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4498	−0.016%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4498	−0.022%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4498	−0.026%	$66.2M	$220.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4496	−0.066%	$72.8M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4496	−0.066%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4520	+0.465%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4498	−0.016%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4496	−0.066%	$11.7M	$18.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4498	−0.022%	$47.1M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4497	−0.044%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4497	−0.044%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4497	−0.044%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4500	+0.016%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4506	+0.164%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.377%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4514	+0.340%	$426K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4518	+0.423%	$159K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4498	−0.029%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4497	−0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4498	−0.022%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4506	+0.156%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4499	0.000%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4496	−0.056%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4497	−0.040%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4500	+0.016%	$35K	—	3x	as long as short
Hyperliquid ONDO	+0.0284%	1h	0.4502	+0.072%	$40.2M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4501	+0.045%	$297K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+0.289%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4502	+0.063%	$370	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4506	+0.158%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4497	−0.049%	$541K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4497	−0.044%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.9303%	1h	0.4499	long leg	$255K	$129K	5x