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: BingX against Coinbase International−0.398%7-day average −0.240% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.774%−$77 on $10k

Price spread, last 3 days (all we have)+0.549%+$55 · spread now −0.398%, 7d avg −0.240%

Together, before fees−0.225%−$22 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 BingX is 0.158% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.240%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4520	0.0328	pay 0.0041% / 1h	46m 09s	$304K	$839K	50x
Short	BingX ONDO-USDT	0.4502	0.0100	get 0.0050% / 4h	2h 46m	—	$23.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.398%Rate

Funding earned: −$47.88
Price spread: −0.398% → −0.240%: −$15.81
Slippage, 4 orders: −$44.93
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$128.62
Costs to cover: 0.649%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 42 min ago; BingX: live order book, 7 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, 42 min ago	14.46 bp	26.0 bp −$26	64.2 bp −$642	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	1.11 bp	7.3 bp −$7	13.4 bp −$134	37.0 bp −$3,696	376.2 bp −$188.1K

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	−0.1129%	1h	0.4505	−0.339%	$3.0M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4502	−0.407%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4508	−0.257%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.301%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4502	−0.398%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4501	−0.420%	$429K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4505	−0.327%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4504	−0.360%	$755K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4503	−0.387%	$66.3M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4500	−0.442%	$72.4M	$117.0M	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	0.4500	−0.442%	$17.6M	$79.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4509	−0.248%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4500	−0.433%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4501	−0.420%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4502	−0.398%	$47.4M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4500	−0.442%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4502	−0.398%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4502	−0.398%	—	$23.0M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4503	−0.376%	$194K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4504	−0.365%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4503	−0.373%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4501	−0.429%	$417K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	−0.310%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4502	−0.387%	$79K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	−0.376%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4502	−0.398%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4512	−0.177%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4501	−0.420%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4498	−0.476%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4500	−0.440%	$402K	$986K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4503	−0.365%	$35K	—	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0194%	1h	0.4504	−0.354%	$29K	$354K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4520	long leg	$304K	$839K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4507	−0.288%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0416%	1h	0.4509	−0.235%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0488%	1h	0.4506	−0.305%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4502	−0.408%	$559K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4501	−0.414%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0349%	1h	0.4498	−0.480%	$255K	$117K	5x	as long as short