Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0972%/8h= −106.5% APRpaid last 24h +0.162%

Price spread now: Kraken Futures against Binance+0.025%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.348%+$35 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.025%, 7d avg +0.056%

Together, before fees+0.336%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Kraken Futures is 0.031% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.348%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.348% in total (about 18.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4577	0.0100	pay 0.0050% / 4h	3h 59m	$68.4M	$226.1M	75x
Short	Kraken Futures PF_ONDOUSD	0.4578	−0.0872	pay 0.0109% / 1h	59m 00s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$204.22
Price spread: +0.025% → +0.056%: −$3.09
Slippage, 4 orders: −$26.24
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$253.56
Costs to cover: 0.462%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Kraken Futures: live order book, 5 min ago.

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 Binance live order book, 14 min ago	1.10 bp	7.1 bp −$7	12.9 bp −$129	46.8 bp −$4,683	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.18 bp	15.9 bp −$16	26.0 bp −$260	doesn't fit	doesn't fit

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_ONDOUSDshort	−0.0872%	1h	0.4578	+0.025%	$2.8M	$8.0M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4579	+0.053%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4577	+0.021%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.187%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4577	+0.010%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4578	+0.032%	$441K	$706K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4581	+0.097%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4581	+0.106%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4577	long leg	$68.4M	$226.1M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4578	+0.032%	$74.1M	$120.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4580	+0.075%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.211%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4577	+0.011%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4575	−0.034%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4580	+0.075%	$49.1M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4578	+0.032%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4580	+0.075%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4577	+0.010%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4578	+0.032%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.058%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4577	0.000%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4581	+0.096%	$423K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4577	+0.010%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	+0.093%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4577	+0.010%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4579	+0.053%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4587	+0.228%	$134K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	+0.053%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4578	+0.039%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4580	+0.067%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4581	+0.097%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	+0.182%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4581	+0.106%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.097%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4580	+0.075%	$3.3M	$3.3M	75x	as long as short
Lighter ONDO	+0.0416%	1h	0.4587	+0.217%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4577	+0.012%	$547K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4577	+0.006%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2307%	1h	0.4581	+0.091%	$259K	$132K	5x	as long as short