Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.002%

Price spread now: Orderly against Paradex−0.284%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.284% cheaper against Paradex than usual: you would sell low and buy high, −$28 on $10k if it 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	Paradex ONDO-USD-PERP	0.4589	0.0101	pay 0.0101% / 8h	7h 04m	$7K	—	10x
Short	Orderly PERP_ONDO_USDC	0.4576	0.0100	get 0.0050% / 4h	3h 04m	$25K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Paradex. 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 ParadexbpFee OrderlybpOrdersPrice spread, now −0.284%Rate

Funding earned: −$0.34
Price spread: −0.284% → 0.000%: −$28.35
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.69
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Orderly: 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 Paradex no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Paradex and Orderly: 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 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	−0.0873%	1h	0.4577	−0.267%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4584	−0.100%	$259K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4575	−0.306%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.458%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4576	−0.284%	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4576	−0.273%	$429K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4587	−0.045%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4582	−0.153%	$68.6M	$221.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4582	−0.153%	$73.8M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4583	−0.131%	$17.6M	$77.4M	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	0.4577	−0.257%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4581	−0.171%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4582	−0.153%	$12.0M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4583	−0.131%	$49.2M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4588	−0.022%	$14.2M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4583	−0.131%	$26.0M	$38.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4581	−0.175%	—	$744K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.291%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4596	+0.155%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4601	+0.267%	$425K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	+0.327%	$172K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4579	−0.223%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4577	−0.262%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4579	−0.218%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4589	0.000%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	−0.218%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0101%	8h	0.4589	long leg	$7K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4580	−0.192%	$415K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4580	−0.196%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0110%	1h	0.4579	−0.227%	$230K	$999K	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4586	−0.074%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4587	−0.044%	$378	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4596	+0.152%	$300K	$816K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4580	−0.196%	$3.3M	$2.9M	75x	as long as short
Hyperliquid ONDO	+0.0388%	1h	0.4595	+0.122%	$40.9M	$24.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0406%	1h	0.4579	−0.218%	$33K	$340K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0188%	1h	0.4575	−0.299%	$546K	—	100x	as long as short
Lighter ONDO	+0.0696%	1h	0.4594	+0.100%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4577	−0.265%	$2K	—	20x	as long as short