Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1045%/8h= −114.4% APRpaid last 24h −1.638%

Price spread now: MEXC against dYdX−0.029%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$430as in the Funding arb table

Net, price: spread back to 7d avg − costs−$166as in the Price arb table

costs, in and out, $10k−$1621.623% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−2.679%−$268 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.029%, 7d avg +0.008%

Together, before fees−2.665%−$267 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and MEXC is 0.036% cheaper against dYdX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4549	0.1145	pay 0.0143% / 1h	44m 30s	$257K	$130K	5x
Short	MEXC ONDO_USDT	0.4548	0.0100	get 0.0050% / 4h	1h 44m	$48.0M	$44.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$219.49
Price spread: −0.029% → +0.008%: −$3.62
Slippage, 4 orders: −$152.29
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$385.41
Costs to cover: 1.623%
Break-even: never at this rate

Slippage from dYdX: live order book, 40 min ago; MEXC: live order book, 4 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, 40 min ago	27.19 bp	32.2 bp −$32	32.2 bp −$322	105.6 bp −$10.6K	741.0 bp −$370.5K
Sell MEXC live order book, 4 min ago	1.10 bp	2.2 bp −$2	6.2 bp −$62	22.1 bp −$2,213	118.0 bp −$59.0K

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	−0.0353%	1h	0.4551	+0.046%	$2.8M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	−0.068%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4552	+0.059%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4549	−0.007%	$427K	$680K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	+0.059%	$763K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4549	−0.005%	$67.0M	$219.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4548	−0.029%	$73.7M	$117.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4547	−0.051%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4543	−0.127%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4549	+0.001%	—	—	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	0.4552	+0.059%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4548	−0.029%	$48.0M	$44.1M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4549	−0.007%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4549	−0.007%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4552	+0.059%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4554	+0.106%	$196K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4533	−0.357%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4533	−0.355%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4530	−0.422%	$419K	$941K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4549	−0.007%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4555	+0.125%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4555	+0.125%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4562	+0.279%	$131K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4549	−0.007%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4551	+0.047%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	+0.019%	$403K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4556	+0.155%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4521	−0.622%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−1.018%	$1K	$181K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4557	+0.169%	$301K	$854K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4551	+0.037%	$3.2M	$3.1M	75x	as long as short
ApeX Omni ONDOUSDT	+0.0343%	1h	0.4538	−0.248%	$160K	$333K	50x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4554	+0.108%	$375	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0409%	1h	0.4556	+0.147%	$19K	$364K	25x	as long as short
Hyperliquid ONDO	+0.0501%	1h	0.4552	+0.054%	$40.7M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0191%	1h	0.4552	+0.053%	$548K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4560	+0.226%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4547	−0.044%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1145%	1h	0.4549	long leg	$257K	$130K	5x