Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0102%/8hpaid last 24h +0.025%

Price spread now: Deribit against HTX−0.203%7-day average −0.127% · you buy dearer than you sell

to open and close $10k−$68fees + slippage, both legs, in and out

costs, in % of the position0.679%what the two incomes have to cover

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 3 days (all we have)+0.258%+$26 · spread now −0.203%, 7d avg −0.127%

Together, before fees+0.222%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.076% cheaper against HTX than usual: you would sell low and buy high (spread −0.203% now, against its 7-day average of −0.127%). If the spread goes back, that is −$8 on $10k: about 2.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4437	0.0100	pay 0.0050% / 4h	41m 23s	$109K	$526K	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4428	0.0202	get 0.0025% / 1h	41m 23s	$20K	$344K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.203%Rate

Funding earned: $21.42
Price spread: −0.203% → −0.127%: −$7.62
Slippage, 4 orders: −$48.93
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$54.13
Costs to cover: 0.679%
Break-even: 24.7 days

Slippage from HTX: live order book, 11 min ago; Deribit: live order book, 12 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 HTX live order book, 11 min ago	6.82 bp	17.1 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 12 min ago	7.97 bp	11.5 bp −$11	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	−0.0492%	1h	0.4429	−0.187%	$3.1M	$6.6M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4426	−0.253%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4427	−0.222%	$6K	$9	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4427	−0.225%	—	$221.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4423	−0.316%	$69.5M	$114.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4423	−0.316%	$17.3M	$78.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4431	−0.142%	$73K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4428	−0.211%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4426	−0.248%	$11.6M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4430	−0.158%	$47.6M	$42.9M	200x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ONDOUSDTM	+0.0100%	4h	0.4427	−0.225%	$13.4M	$9.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4428	−0.203%	$25.1M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4425	−0.270%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4429	−0.174%	$236K	$940K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	−0.937%	$765K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4433	−0.081%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4427	−0.225%	$416K	$745K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4418	−0.428%	$156K	$351K	50x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4425	−0.282%	$455K	$633K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4428	−0.210%	$71K	$996K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4426	−0.248%	$24K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4430	−0.158%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4426	−0.248%	$460	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4437	long leg	$109K	$526K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4425	−0.270%	$4.9M	$5.8M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4424	−0.294%	$386K	$944K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4429	−0.170%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4436	−0.018%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	−0.473%	$994	$82K	5.5x	as long as short
Aster ONDOUSDT	+0.0188%	4h	0.4431	−0.146%	—	$1.8M	20x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0202%	1h	0.4428	−0.203%	$20K	$344K	25x
01 Exchange ONDOUSD	+0.0272%	1h	0.4430	−0.149%	$365	$1K	10x	as long as short
Hyperliquid ONDO	+0.0334%	1h	0.4432	−0.113%	$39.3M	$26.3M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4433	−0.090%	$3.2M	$3.1M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4438	+0.023%	$330K	$752K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0601% / S −0.0200%	1h	0.4426	−0.242%	$544K	—	100x	as long as short
Lighter ONDO	+0.0656%	1h	0.4436	−0.014%	$1.2M	$1.6M	10x	as long as short
Reya ONDORUSDPERP	+0.1134%	1h	0.4424	−0.285%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.1153%	1h	0.4430	−0.152%	$251K	$116K	5x	as long as short