Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h +0.054%

Price spread now: Kraken Futures against Bybit−0.055%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.055%, 7d avg +0.100%

Together, before fees+0.448%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Kraken Futures is 0.156% cheaper against Bybit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.100%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.337%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4322	0.0100	pay 0.0050% / 4h	3h 01m	$67.3M	$125.2M	50x
Short	Kraken Futures PF_ONDOUSD	0.4320	−0.0162	pay 0.0020% / 1h	1m 54s	$2.5M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$55.03
Price spread: −0.055% → +0.100%: −$15.58
Slippage, 4 orders: −$26.15
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$117.76
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from Bybit: 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 Bybit live order book, 2 min ago	1.15 bp	8.9 bp −$9	14.4 bp −$144	50.9 bp −$5,092	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.47 bp	15.2 bp −$15	28.5 bp −$285	456.6 bp −$45.7K	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	−0.0162%	1h	0.4320	−0.055%	$2.5M	$7.9M	50x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4318	−0.091%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.692%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4325	+0.058%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4318	−0.093%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4317	−0.121%	$356K	$867K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4322	0.000%	$36.3M	$25.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4324	+0.046%	$62.3M	$233.8M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4322	long leg	$67.3M	$125.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	+0.023%	$17.0M	$72.4M	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	0.4344	+0.514%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4315	−0.167%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4321	−0.023%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4322	0.000%	$42.6M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.046%	$12.2M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	−0.023%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4323	+0.023%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	−0.023%	$175K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4334	+0.272%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4333	+0.264%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	+0.242%	$404K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.185%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4318	−0.095%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4322	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−0.023%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4329	+0.162%	$128K	$428K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4317	−0.113%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4320	−0.044%	$388K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4323	+0.017%	$37K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0125%	4h	0.4325	+0.076%	$775K	$2.6M	20x	as long as short
Phemex ONDOUSDT	+0.0150%	4h	0.4324	+0.046%	$4.2M	$8.0M	50x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4315	−0.160%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	0.000%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4333	+0.255%	$218K	$765K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4340	+0.426%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4329	+0.162%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0193%	1h	0.4318	−0.090%	$480K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4320	−0.041%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1172%	1h	0.4317	−0.111%	$247K	$133K	5x	as long as short