Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.813%

Price spread now: Injective against BloFin+0.110%7-day average −1.032% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.819%−$382 on $10k

Price spread, last 3 days (all we have)−0.867%−$87 · spread now +0.110%, 7d avg −1.032%

Together, before fees−4.686%−$469 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.142% dearer against BloFin than usual: you sell high and buy low (spread +0.110% now, against its 7-day average of −1.032%): +$114 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−3.819% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4563	0.0340	pay 0.0170% / 4h	1h 09m	$3.3M	$3.1M	75x
Short	Injective ONDO/USDC PERP	0.4568	0.0151	get 0.0019% / 1h	9m 56s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.110%Rate

Funding earned: −$39.79
Price spread: +0.110% → −1.032%: $114.16
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $62.35
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 3 min ago; Injective: no order-book sample. Net counts fees only.

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, 3 min ago	6.57 bp	12.6 bp −$13	13.8 bp −$138	42.0 bp −$4,196	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0353%	1h	0.4559	−0.079%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4560	−0.063%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4560	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4557	−0.121%	$431K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4563	−0.006%	$728K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4561	−0.041%	$67.7M	$226.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4561	−0.044%	$73.9M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4562	−0.022%	$17.8M	$81.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.550%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4558	−0.109%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4558	−0.110%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4560	−0.066%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4558	−0.110%	$13.7M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4560	−0.066%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4560	−0.066%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4560	−0.068%	$786K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4568	+0.113%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4568	+0.115%	$421K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4565	+0.044%	$163K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4561	−0.037%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4558	−0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4560	−0.066%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4565	+0.044%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4560	−0.066%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4557	−0.121%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4559	−0.092%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4565	+0.033%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0142%	1h	0.4562	−0.031%	$230K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4586	+0.500%	$38K	$219K	10x	as long as short
Injective ONDO/USDC PERPshort	+0.0151%	1h	0.4568	+0.110%	$888	$216K	5.5x
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4561	−0.044%	$31K	$432K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.701%	$301K	$862K	50x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4563	long leg	$3.3M	$3.1M	75x
Hyperliquid ONDO	+0.0381%	1h	0.4564	+0.028%	$40.5M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4561	−0.037%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0187%	1h	0.4559	−0.085%	$543K	—	100x	as long as short
Lighter ONDO	+0.0704%	1h	0.4569	+0.134%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4558	−0.118%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5221%	1h	0.4560	−0.057%	$258K	$129K	5x	as long as short