Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.045%

Price spread now: Coinbase International against BloFin+0.114%58s7-day average +0.194% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.552% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.114%, 7d avg +0.194%

Together, before fees+0.354%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Coinbase International is 0.081% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.194%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.344%, so the current rate has only just turned against you. The two prices were read 58 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	BloFin ONDO-USDT	0.4396	0.0340	pay 0.0170% / 4h	3h 57m	$3.1M	$3.0M	75x
Short	Coinbase International ONDO-PERP-INTX	0.4401	0.0272	get 0.0034% / 1h	57m 52s	$272K	$731K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$14.28
Price spread: +0.114% → +0.194%: −$8.06
Slippage, 4 orders: −$33.17
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$77.51
Costs to cover: 0.552%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Coinbase International: live order book, 60 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 BloFin live order book, 5 min ago	1.14 bp	7.1 bp −$7	9.6 bp −$96	29.0 bp −$2,905	doesn't fit
Sell Coinbase International live order book, 60 min ago	12.60 bp	17.6 bp −$18	59.7 bp −$597	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_ONDOUSD	−0.0159%	1h	0.4394	−0.050%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4391	−0.123%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.125%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.913%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4399	+0.064%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	−0.091%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4393	−0.063%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4397	+0.023%	$63.6M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4395	−0.023%	$68.1M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4396	0.000%	$17.2M	$73.3M	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	0.4393	−0.066%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.095%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	−0.023%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4396	0.000%	$44.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	−0.045%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4398	+0.045%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4397	+0.023%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4396	+0.005%	$185K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	+0.062%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	+0.067%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.068%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	0.000%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.066%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4393	−0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	0.000%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4403	+0.159%	$130K	$434K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4391	−0.103%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4395	−0.016%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	−0.012%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4393	−0.061%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4393	−0.068%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4398	+0.045%	$762K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0272%	1h	0.4401	+0.114%	$272K	$731K	50x
Hyperliquid ONDO	+0.0332%	1h	0.4399	+0.066%	$37.8M	$24.7M	10x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4396	long leg	$3.1M	$3.0M	75x
Phoenix ONDO	+0.0365%	1h	0.4396	+0.011%	$35K	$218K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4390	−0.132%	$522K	—	100x	as long as short
Phemex ONDOUSDT	+0.0814%	4h	0.4393	−0.068%	$4.3M	$7.9M	50x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4393	−0.074%	$2K	—	20x	as long as short