Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0515%/8h= −56.3% APRpaid last 24h −0.047%

Price spread now: Kraken Futures against BloFin−0.005%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)−0.209%−$21 · spread now −0.005%, 7d avg +0.033%

Together, before fees−0.364%−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Kraken Futures is 0.038% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.156% in total (about -8.1% 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	BloFin ONDO-USDT	0.4377	0.0340	pay 0.0170% / 4h	3h 00m	$3.2M	$3.1M	75x
Short	Kraken Futures PF_ONDOUSD	0.4377	−0.0175	pay 0.0022% / 1h	0m 58s	$2.5M	$7.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$108.05
Price spread: −0.005% → +0.033%: −$3.83
Slippage, 4 orders: −$27.35
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$161.23
Costs to cover: 0.494%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Kraken Futures: live order book, 3 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, 2 min ago	2.28 bp	8.5 bp −$8	15.0 bp −$150	38.9 bp −$3,889	doesn't fit
Sell Kraken Futures live order book, 3 min ago	4.56 bp	21.0 bp −$21	31.1 bp −$311	400.7 bp −$40.1K	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	−0.0175%	1h	0.4377	−0.005%	$2.5M	$7.4M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4377	0.000%	$24K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4376	−0.013%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.364%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4381	+0.096%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4379	+0.046%	$343K	$875K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4379	+0.042%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4377	−0.004%	$63.8M	$229.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4374	−0.069%	$68.8M	$120.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4378	+0.023%	$17.5M	$70.5M	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	0.4374	−0.059%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4389	+0.271%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4376	−0.023%	$13.6M	$15.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4377	0.000%	$44.2M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4376	−0.023%	$13.1M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4377	0.000%	$25.5M	$35.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4376	−0.023%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	−0.007%	$186K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	+0.155%	$777K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4385	+0.188%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4388	+0.251%	$406K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4385	+0.183%	$136K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4381	+0.082%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4377	0.000%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4377	0.000%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4378	+0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4385	+0.183%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4376	−0.023%	$4.3M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4379	+0.039%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4376	−0.028%	$365K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4379	+0.047%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4379	+0.046%	$360	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4392	+0.343%	$217K	$711K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4389	+0.265%	$35K	$218K	10x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4377	long leg	$3.2M	$3.1M	75x
Hyperliquid ONDO	+0.0370%	1h	0.4380	+0.057%	$36.8M	$27.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0584% / S −0.0208%	1h	0.4376	−0.019%	$506K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4377	+0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2865%	1h	0.4386	+0.212%	$251K	$159K	5x	as long as short