Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1230%/8h= −134.7% APRpaid last 24h +0.199%

Price spread now: Kraken Futures against Bitget−0.115%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$530.528% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.370%+$37 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.115%, 7d avg +0.071%

Together, before fees+0.472%+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and Kraken Futures is 0.186% cheaper against Bitget than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.071%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.370%, 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 0.370% in total (about 19.3% 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	Bitget ONDOUSDT	0.4507	0.0100	pay 0.0050% / 4h	2h 02m	$25.5M	$41.3M	50x
Short	Kraken Futures PF_ONDOUSD	0.4502	−0.1130	pay 0.0141% / 1h	2m 13s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$258.24
Price spread: −0.115% → +0.071%: −$18.56
Slippage, 4 orders: −$30.75
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$329.55
Costs to cover: 0.528%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Bitget live order book, 2 min ago	2.22 bp	12.0 bp −$12	17.4 bp −$174	58.6 bp −$5,856	doesn't fit
Sell Kraken Futures live order book, 2 min ago	5.55 bp	20.0 bp −$20	35.3 bp −$353	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	−0.1130%	1h	0.4502	−0.115%	$2.8M	$8.0M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4508	+0.022%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4505	−0.054%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.144%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4503	−0.089%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4506	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	−0.072%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4507	+0.007%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4506	−0.015%	$66.4M	$220.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4506	−0.022%	$73.0M	$118.2M	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	0.4506	−0.022%	$17.6M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4498	−0.191%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	−0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4505	−0.044%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	−0.067%	$47.1M	$45.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	−0.067%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4507	long leg	$25.5M	$41.3M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4507	0.000%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4506	−0.011%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.237%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4499	−0.184%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4497	−0.221%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.222%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	−0.007%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4506	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4506	−0.022%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4515	+0.178%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4504	−0.067%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	−0.068%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4505	−0.038%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4508	+0.018%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0288%	1h	0.4511	+0.079%	$40.3M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4508	+0.022%	$298K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4505	−0.044%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4510	+0.058%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4514	+0.146%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4504	−0.059%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4506	−0.012%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9056%	1h	0.4503	−0.094%	$255K	$129K	5x	as long as short