Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.803%

Price spread now: Injective against Bybit−0.243%108s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.341%−$334 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.243% cheaper against Bybit than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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	Bybit ONDOUSDT	0.4533	0.0100	pay 0.0050% / 4h	2h 35m	$73.6M	$117.8M	50x
Short	Injective ONDO/USDC PERP	0.4522	0.0033	get 0.0004% / 1h	35m 28s	$1K	$132K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.243%Rate

Funding earned: −$14
Price spread: −0.243% → 0.000%: −$24.27
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$49.29
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	2.21 bp	10.4 bp −$10	19.4 bp −$194	58.1 bp −$5,809	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	−0.1124%	1h	0.4523	−0.216%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	−0.176%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	−0.272%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.269%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4522	−0.243%	$1K	$132K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.243%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4533	0.000%	$426K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4529	−0.091%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4532	−0.028%	$66.6M	$219.8M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4533	long leg	$73.6M	$117.8M	50x

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	0.4533	0.000%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	−0.049%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4533	−0.003%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4527	−0.132%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4527	−0.132%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4526	−0.154%	$13.8M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4533	0.000%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4529	−0.088%	—	$22.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4523	−0.214%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.297%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.331%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4536	+0.066%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4536	+0.066%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4534	+0.031%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4522	−0.243%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4523	−0.221%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	−0.044%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4520	−0.287%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4526	−0.144%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4530	−0.055%	$402K	$989K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	−0.176%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0156%	1h	0.4531	−0.051%	$40.8M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.022%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4530	−0.066%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4538	+0.101%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4535	+0.033%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	−0.270%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4534	+0.018%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9845%	1h	0.4524	−0.202%	$256K	$123K	5x	as long as short