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OSB is oriented strand board, which yes is cheap plywood replacement. There are actually good weatherproof grades of OSB, but for a bedcover the inexpensive grades will do if you protect it from the weather. For about $7 you can get a 4x8 sheet at the local big box stores, and you can get them to cut it to the width of your truck bed using their panel saw. Go to the paint department and get a gallon of mis-tinted exterior grade paint for about $5 and a cheap paint brush for $2. Go to the tools section and get two small C clamps for about $2 each to clamp it to the bed rails. Put two coats of the paint on the osb, making sure it really gets into the edges. Presto, for $20ish you have a decent bedcover.
Yes, CDX would be better, but you would still need to seal it from the weather. Do all the same steps above and you can probably get a bedcover made for about $40.
Marine plywood would be even better, but around here you can find a used bedcover for less money than one sheet of marine plywood.
I would suggest initially just getting any kind of bedcover on that you can. For a typical truck if you save one mpg you will have your $20 back in about 2000-3000 miles, at that point if you don't like it you could throw it away and have broken even. Once you see the fuel savings, it will provide better motivation to either buy a nicer bedcover or invest more in making a more durable version if your first version wears out.
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