Bybit vs Ondo Perps Funding Arbitrage
31 shared markets · net of estimated fees · updated every few minutesBybit and Ondo Perps both quote 31 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is DRAM — long Ondo Perps / short Bybit at 152.3% net APR — but the median across all shared markets is 3.2%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 19 markets go long on Bybit and 12 on Ondo Perps. 14 markets clear 5% net APR, 14 clear 10%.
How this pair behaves
Bybit pays funding every 8h on 245 markets and every 4h on 201 markets; Ondo Perps pays every 1h on 66 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Bybit quotes 448 perpetual markets in total and Ondo Perps quotes 66; the 31 they share are what this page ranks. Across its own book Bybit runs a median funding rate of 10.6% and Ondo Perps 5.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 31 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| UNITREE | Bybit | Ondo Perps | 254.1% | 269.0% | -155.3% | $25K |
| KORU | Bybit | Ondo Perps | 201.4% | 218.8% | -4.4% | $299K |
| DRAM | Ondo Perps | Bybit | 152.3% | 155.2% | +0.3% | $7.5M |
| CXMT | Ondo Perps | Bybit | 98.9% | 107.7% | -52.1% | $359K |
| EWY | Ondo Perps | Bybit | 85.6% | 88.7% | +8.1% | $1.2M |
| NBIS | Ondo Perps | Bybit | 81.4% | 84.5% | +20.6% | $9.8M |
| BMNR | Ondo Perps | Bybit | 59.6% | 66.3% | +11.0% | $15K |
| NFLX | Ondo Perps | Bybit | 49.3% | 56.8% | -2.7% | $322K |
| PURR | Ondo Perps | Bybit | 21.8% | 27.0% | +39.4% | $58K |
| XAG | Ondo Perps | Bybit | 19.4% | 22.2% | +5.1% | $4.9M |
| MINIMAX | Ondo Perps | Bybit | 14.6% | 26.2% | +12.5% | $56K |
| SOL | Bybit | Ondo Perps | 14.5% | 17.3% | +6.0% | $525K |
| LITE | Bybit | Ondo Perps | 12.3% | 17.1% | -0.6% | $2.1M |
| HYPE | Bybit | Ondo Perps | 12.1% | 14.6% | +5.9% | $1.2M |
| AMZN | Ondo Perps | Bybit | 4.1% | 6.8% | -4.7% | $2.3M |
| ETH | Bybit | Ondo Perps | 3.2% | 5.7% | +5.6% | $4.1M |
| NVDA | Bybit | Ondo Perps | 3.1% | 5.5% | +5.1% | $10.0M |
| PLTR | Bybit | Ondo Perps | 3.1% | 5.5% | +8.0% | $1.1M |
| HOOD | Bybit | Ondo Perps | 3.0% | 5.5% | +6.7% | $2.1M |
| SNDK | Bybit | Ondo Perps | 2.9% | 5.5% | -6.3% | $14.5M |
| META | Bybit | Ondo Perps | 2.8% | 5.5% | +9.4% | $3.1M |
| CRCL | Bybit | Ondo Perps | 2.8% | 5.5% | -1.2% | $4.3M |
| GOOGL | Bybit | Ondo Perps | 2.7% | 5.5% | +5.0% | $2.4M |
| SPCX | Bybit | Ondo Perps | 2.6% | 5.5% | +1.1% | $13.9M |
| BTC | Bybit | Ondo Perps | 1.6% | 3.9% | +3.5% | $29.4M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Bybit vs Ondo Perps — FAQ
How many markets can you arbitrage between Bybit and Ondo Perps?
31 perpetual markets are quoted on both Bybit and Ondo Perps right now. 14 of them show a net spread of at least 5% APR after estimated fees, and 19 have at least $1M of 24h volume on the smaller leg.
What is the best Bybit / Ondo Perps funding spread right now?
DRAM: long Ondo Perps and short Bybit for about 152.3% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 31 shared markets is 3.2%, so the top of the list is not typical.
Which side pays on the Bybit / Ondo Perps pair?
It varies by market: Bybit is the long (funding-receiving) leg in 19 of the shared markets and Ondo Perps in the other 12. The direction is set per market by which venue currently prices funding lower.
Trading the Bybit / Ondo Perps spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Bybit funding rates · Ondo Perps funding rates; the full calculation is in the methodology.