Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.6685%/8h= −732.0% APRpaid last 24h −1.649%

Price spread now: SunX against dYdX+0.188%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$773as in the Funding arb table

Net, price: spread back to 7d avg − costs−$486as in the Price arb table

costs, in and out, $10k−$5055.048% of the position

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.684%−$268 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now +0.188%, 7d avg +0.005%

Together, before fees−2.905%−$291 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.183% dearer against dYdX than usual: you sell high and buy low (spread +0.188% now, against its 7-day average of +0.005%): +$18 on $10k if it goes back. Holding the pair costs −$201 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−2.684% in total) that is about 11 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.684% in total (about -139.9% 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	0.4564	0.6785	pay 0.0848% / 1h	45m 38s	$258K	$130K	5x
Short	SunX ONDO-USDT	0.4573	0.0100	get 0.0050% / 4h	45m 38s	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.188%Rate

Funding earned: −$1,403.78
Price spread: +0.188% → +0.005%: $18.33
Slippage, 4 orders: −$486.79
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$1,890.23
Costs to cover: 5.048%
Break-even: never at this rate

Slippage from dYdX: live order book, 33 min ago; SunX: live order book, 9 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, 33 min ago	76.42 bp	81.4 bp −$81	81.4 bp −$814	102.3 bp −$10.2K	377.7 bp −$188.9K
Sell SunX live order book, 9 min ago	46.78 bp	66.2 bp −$66	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	−0.0798%	1h	0.4571	+0.154%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.079%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4574	+0.207%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4574	+0.210%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4575	+0.232%	$431K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4566	+0.035%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4566	+0.027%	$68.3M	$227.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4566	+0.035%	$74.1M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4564	−0.009%	$17.8M	$81.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	+0.028%	$74K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4563	−0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4563	−0.031%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4565	+0.013%	$49.6M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	+0.035%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4565	+0.013%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4565	+0.013%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4587	+0.493%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4575	+0.222%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4575	+0.223%	$433K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4588	+0.517%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	+0.272%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4573	+0.188%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4573	+0.188%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4579	+0.320%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	+0.210%	$4.7M	$6.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4564	−0.009%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4564	−0.010%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4576	+0.243%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4576	+0.254%	$36K	$436K	25x	as long as short
Backpack ONDO_USDC_PERP	+0.0191%	1h	0.4572	+0.169%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4578	+0.309%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.758%	$302K	$859K	50x	as long as short
Hyperliquid ONDO	+0.0337%	1h	0.4570	+0.116%	$40.5M	$26.8M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	+0.035%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0464%	1h	0.4579	+0.318%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4574	+0.205%	$546K	—	100x	as long as short
Lighter ONDO	+0.0968%	1h	0.4576	+0.256%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4575	+0.235%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.6785%	1h	0.4564	long leg	$258K	$130K	5x