Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0091%/8h= +9.9% APRpaid last 24h −1.382%

Price spread now: OKX against dYdX+0.110%50s7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$556as 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−$2792.792% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.765%−$277 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.110%, 7d avg −0.003%

Together, before fees−2.842%−$284 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.113% dearer against dYdX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 7 days funding on this pair cost −2.765%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4360	0.0009	pay 0.0001% / 1h	5m 50s	$245K	$137K	5x
Short	OKX ONDO-USDT-SWAP	0.4365	0.0100	get 0.0050% / 4h	2h 05m	$17.4M	$74.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.110%Rate

Funding earned: $19.07
Price spread: +0.110% → −0.003%: $11.3
Slippage, 4 orders: −$259.22
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$248.85
Costs to cover: 2.792%
Break-even: 98.4 days

Slippage from dYdX: live order book, 43 min ago; OKX: 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, 43 min ago	24.14 bp	35.8 bp −$36	117.2 bp −$1,172	167.4 bp −$16.7K	746.2 bp −$373.1K
Sell OKX live order book, 3 min ago	1.15 bp	7.1 bp −$7	17.0 bp −$170	179.8 bp −$18.0K	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	−0.0239%	1h	0.4367	+0.157%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4365	+0.107%	$7K	—	150x	as long as short
dYdX ONDO-USDlong	+0.0009%	1h	0.4360	long leg	$245K	$137K	5x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.765%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4371	+0.254%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4370	+0.219%	$349K	$893K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4370	+0.231%	$36.9M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4370	+0.224%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4368	+0.179%	$63.5M	$238.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4365	+0.110%	$68.2M	$126.8M	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-SWAPshort	+0.0100%	4h	0.4365	+0.110%	$17.4M	$74.4M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4357	−0.081%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4365	+0.117%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4365	+0.110%	$12.4M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4370	+0.224%	$43.7M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4367	+0.156%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4369	+0.201%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4367	+0.156%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4370	+0.222%	$182K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.104%	$647K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4361	+0.013%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4360	+0.001%	$408K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4362	+0.041%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4369	+0.195%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4366	+0.133%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	+0.179%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4368	+0.179%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4372	+0.270%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4367	+0.156%	$4.2M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4367	+0.157%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4368	+0.168%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4371	+0.245%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0152%	1h	0.4371	+0.243%	$360	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.133%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4371	+0.245%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4364	+0.087%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0437%	1h	0.4368	+0.179%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0202%	1h	0.4365	+0.108%	$497K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4367	+0.155%	$2K	—	20x	as long as short