Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1048%/8h= +114.8% APRpaid last 24h +0.308%

Price spread now: Reya against Orderly+0.140%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Reya is 0.140% dearer against Orderly than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4396	0.0099	pay 0.0050% / 4h	2h 15m	$24K	$6K	10x
Short	Reya ONDORUSDPERP	0.4402	0.1148	get 0.0143% / 1h	15m 42s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now +0.140%Rate

Funding earned: $220.17
Price spread: +0.140% → 0.000%: $14.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $222.21
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Reya: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 38 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	−0.0363%	1h	0.4395	−0.030%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4398	+0.042%	$249K	$130K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4397	+0.023%	$23K	$349K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4396	0.000%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.913%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDClong	+0.0099%	4h	0.4396	long leg	$24K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4399	+0.074%	$385K	$861K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4401	+0.105%	$676K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4403	+0.161%	$63.8M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	+0.136%	$69.8M	$125.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4403	+0.159%	$17.0M	$75.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4413	+0.378%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4399	+0.078%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4399	+0.068%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4402	+0.136%	$46.3M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4402	+0.136%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4403	+0.159%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4402	+0.136%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4396	−0.007%	$760K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.262%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4412	+0.374%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.205%	$135K	$366K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4401	+0.105%	$92K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4397	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	0.000%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4398	+0.045%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4401	+0.123%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4399	+0.067%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4397	+0.034%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0141%	1h	0.4400	+0.102%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDO	+0.0266%	1h	0.4404	+0.191%	$38.8M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.591%	$284K	$734K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.664%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4401	+0.121%	$362	$2K	10x	as long as short
Phemex ONDOUSDT	+0.0423%	4h	0.4398	+0.045%	$4.2M	$7.4M	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0549% / S −0.0190%	1h	0.4395	−0.013%	$485K	—	100x	as long as short
Lighter ONDO	+0.0768%	1h	0.4409	+0.289%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERPshort	+0.1148%	1h	0.4402	+0.140%	$2K	—	20x