Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0163%/8h= +17.8% APRpaid last 24h +1.392%

Price spread now: dYdX against MEXC−0.012%47s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs+$184as 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−$930.926% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.767%+$277 on $10k

Price spread, last 4 days (all we have)+0.141%+$14 · spread now −0.012%, 7d avg −0.009%

Together, before fees+2.907%+$291 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 47 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	MEXC ONDO_USDT	0.4377	0.0100	pay 0.0050% / 4h	13m 49s	$44.4M	$42.0M	200x
Short	dYdX ONDO-USD	0.4376	0.0263	get 0.0033% / 1h	13m 49s	$248K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against MEXC. 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 MEXCbpFee dYdXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $34.15
Price spread: −0.012% → −0.009%: −$0.3
Slippage, 4 orders: −$82.62
Fee MEXC: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$58.77
Costs to cover: 0.926%
Break-even: 19.0 days

Slippage from MEXC: live order book, 5 min ago; dYdX: live order book, 45 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 MEXC live order book, 5 min ago	1.14 bp	2.3 bp −$2	6.1 bp −$61	18.7 bp −$1,866	99.0 bp −$49.5K
Sell dYdX live order book, 45 min ago	27.22 bp	55.0 bp −$55	174.6 bp −$1,746	253.4 bp −$25.3K	871.7 bp −$435.8K

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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4375	−0.049%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4375	−0.038%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.364%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4387	+0.226%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4375	−0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4378	+0.023%	$362K	$846K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4389	+0.265%	$37.8M	$24.8M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4380	+0.065%	$63.3M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4380	+0.069%	$67.7M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4382	+0.114%	$17.0M	$73.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4385	+0.187%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4377	+0.003%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4376	−0.023%	$11.5M	$16.4M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4377	long leg	$44.4M	$42.0M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4377	0.000%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4383	+0.137%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4378	+0.023%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	−0.009%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4377	−0.006%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4379	+0.046%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4381	+0.091%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4376	−0.023%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4378	+0.032%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4377	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4378	+0.023%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4389	+0.274%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4375	−0.046%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4377	+0.001%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4377	+0.007%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4380	+0.057%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4380	+0.057%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0215%	4h	0.4378	+0.031%	$757K	$2.5M	20x	as long as short
dYdX ONDO-USDshort	+0.0263%	1h	0.4376	−0.012%	$248K	$129K	5x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4379	+0.046%	$271K	$727K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4378	+0.023%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4382	+0.123%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0436%	1h	0.4379	+0.046%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4373	−0.083%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4378	+0.017%	$2K	—	20x	as long as short