Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.151%

Price spread now: Aster against Coinbase International−0.468%7-day average −0.179% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.760%−$76 on $10k

Price spread, last 3 days (all we have)+0.454%+$45 · spread now −0.468%, 7d avg −0.179%

Together, before fees−0.307%+ Points / potential airdropAster: Stage 5 · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Aster is 0.289% cheaper against Coinbase International than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.179%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4539	0.0328	pay 0.0041% / 1h	15m 09s	$305K	$842K	50x
Short	Aster ONDOUSDT	0.4518	0.0100	get 0.0050% / 4h	2h 15m	$760K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.468%Rate

Funding earned: −$47.88
Price spread: −0.468% → −0.179%: −$28.87
Slippage, 4 orders: −$41.18
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$135.93
Costs to cover: 0.592%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 8 min ago; Aster: 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 Coinbase International live order book, 8 min ago	5.53 bp	12.7 bp −$13	68.1 bp −$681	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	2.20 bp	8.6 bp −$9	29.9 bp −$299	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	−0.1127%	1h	0.4511	−0.622%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4518	−0.463%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4515	−0.519%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4528	−0.234%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.375%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4515	−0.529%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4519	−0.441%	$422K	$680K	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4518	−0.468%	$760K	$2.0M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4518	−0.456%	$66.6M	$220.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4517	−0.485%	$73.3M	$118.1M	50x	as long as short

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	0.4517	−0.485%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4528	−0.245%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4519	−0.446%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4517	−0.485%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4517	−0.485%	$47.4M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4516	−0.507%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4518	−0.463%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4517	−0.485%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4520	−0.430%	$193K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4521	−0.390%	$794K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4532	−0.143%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4528	−0.242%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4533	−0.132%	$160K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4517	−0.478%	$102K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4519	−0.441%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4516	−0.507%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4525	−0.308%	$130K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4517	−0.485%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4519	−0.449%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4515	−0.520%	$403K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4518	−0.459%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0279%	1h	0.4523	−0.341%	$40.4M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4539	long leg	$305K	$842K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4519	−0.441%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4521	−0.403%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4525	−0.306%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4515	−0.525%	$561K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4515	−0.529%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9237%	1h	0.4519	−0.447%	$256K	$128K	5x	as long as short