Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.050%

Price spread now: Bybit against 01 Exchange−0.107%54s7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Bybit

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—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.107% cheaper against 01 Exchange than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 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	01 Exchange ONDOUSD	0.4380	0.0256	pay 0.0032% / 1h	1m 41s	$360	$2K	10x
Short	Bybit ONDOUSDT	0.4375	0.0100	get 0.0050% / 4h	3h 01m	$68.8M	$120.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$32.76
Price spread: −0.107% → 0.000%: −$10.73
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.49
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Bybit: live order book, 2 min ago. 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.14 bp	8.1 bp −$8	12.3 bp −$123	48.6 bp −$4,858	doesn't fit

01 Exchange: 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	−0.0175%	1h	0.4376	−0.093%	$2.5M	$7.4M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4377	−0.062%	$24K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4376	−0.075%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.299%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4384	+0.089%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4380	−0.005%	$343K	$875K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4380	+0.007%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4379	−0.016%	$63.9M	$229.0M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4375	−0.107%	$68.8M	$120.3M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4378	−0.039%	$17.5M	$70.5M	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	0.4374	−0.121%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4389	+0.209%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4378	−0.039%	$13.6M	$15.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4377	−0.062%	$44.2M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4379	−0.016%	$13.1M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4378	−0.039%	$25.5M	$35.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4377	−0.062%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4378	−0.037%	$186K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	+0.093%	$777K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4385	+0.126%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4388	+0.189%	$406K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4385	+0.121%	$136K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4382	+0.062%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4376	−0.084%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4380	+0.007%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4377	−0.062%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4389	+0.212%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4376	−0.084%	$4.3M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4379	−0.023%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4376	−0.077%	$365K	$794K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4378	−0.039%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSDlong	+0.0256%	1h	0.4380	long leg	$360	$2K	10x
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4392	+0.281%	$217K	$711K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4389	+0.203%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4388	+0.190%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0374%	1h	0.4382	+0.046%	$36.8M	$27.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0584% / S −0.0208%	1h	0.4375	−0.100%	$507K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4376	−0.092%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2865%	1h	0.4386	+0.151%	$251K	$159K	5x	as long as short