Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.012%

Price spread now: Deribit against OKX+0.069%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.069%, 7d avg +0.040%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.029% dearer against OKX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.031% in total (about 1.7% 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	OKX ONDO-USDT-SWAP	0.4378	0.0100	pay 0.0050% / 4h	15m 40s	$17.0M	$73.0M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4381	0.0435	get 0.0054% / 1h	15m 40s	$18K	$367K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: $70.35
Price spread: +0.069% → +0.040%: $2.87
Slippage, 4 orders: −$30.56
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $25.66
Costs to cover: 0.476%
Break-even: 4.4 days

Slippage from OKX: live order book, 3 min ago; Deribit: live order book, 43 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 OKX live order book, 3 min ago	1.14 bp	8.6 bp −$9	19.0 bp −$190	272.4 bp −$27.2K	doesn't fit
Sell Deribit live order book, 43 min ago	9.14 bp	12.6 bp −$13	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4378	−0.009%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4377	−0.023%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.340%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4381	+0.062%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4377	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4380	+0.034%	$362K	$855K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4382	+0.094%	$37.7M	$24.8M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4378	0.000%	$63.3M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4376	−0.046%	$67.6M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4378	long leg	$17.0M	$73.0M	50x

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	+0.164%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4379	+0.017%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4374	−0.091%	$11.5M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4377	−0.023%	$44.2M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4375	−0.069%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4378	0.000%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4375	−0.069%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	−0.014%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4377	−0.029%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4385	+0.151%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4386	+0.187%	$406K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4385	+0.160%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4380	+0.050%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4379	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4380	+0.046%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4386	+0.183%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4378	0.000%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4379	+0.021%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4374	−0.096%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4381	+0.080%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4381	+0.066%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0217%	4h	0.4377	−0.013%	$757K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0269%	1h	0.4376	−0.035%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4379	+0.023%	$271K	$727K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4383	+0.114%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4382	+0.101%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0435%	1h	0.4381	+0.069%	$18K	$367K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4376	−0.040%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4380	+0.040%	$2K	—	20x	as long as short