Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.132%

Price spread now: Gate against Coinbase International−0.384%7-day average −0.259% · you buy dearer than you sell

Net, funding: paid 7d − costs−$170as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$890.891% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.804%−$80 on $10k

Price spread, last 3 days (all we have)+0.189%+$19 · spread now −0.384%, 7d avg −0.259%

Together, before fees−0.616%−$62 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 Gate is 0.125% cheaper against Coinbase International than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.259%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4422	0.0328	pay 0.0041% / 1h	32m 23s	$284K	$758K	50x
Short	Gate ONDO_USDT	0.4405	0.0100	get 0.0050% / 4h	2h 32m	$11.6M	$16.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.384%Rate

Funding earned: −$47.88
Price spread: −0.384% → −0.259%: −$12.54
Slippage, 4 orders: −$64.12
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$149.54
Costs to cover: 0.891%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 36 min ago; Gate: live order book, 1 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, 36 min ago	6.53 bp	33.8 bp −$34	83.6 bp −$836	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	1.14 bp	18.1 bp −$18	37.5 bp −$375	47.4 bp −$4,744	77.4 bp −$38.7K

ONDO on 38 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	−0.0363%	1h	0.4405	−0.393%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.430%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	−0.367%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.302%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4408	−0.317%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.260%	$395K	$854K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4409	−0.283%	$687K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4410	−0.271%	$64.2M	$232.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4409	−0.294%	$69.9M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4409	−0.294%	$17.1M	$75.7M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	−0.369%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4409	−0.289%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4405	−0.384%	$11.6M	$16.3M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4413	−0.204%	$43.9M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4410	−0.271%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4409	−0.294%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4410	−0.271%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4398	−0.547%	$201K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4418	−0.095%	$779K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	−0.153%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4420	−0.045%	$407K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4415	−0.158%	$136K	$371K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4414	−0.190%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4411	−0.249%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4408	−0.317%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4405	−0.384%	$129K	$515K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4409	−0.297%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4409	−0.285%	$398K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	−0.271%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4409	−0.294%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0270%	1h	0.4416	−0.136%	$39.0M	$25.5M	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4422	long leg	$284K	$758K	50x
Phoenix ONDO	+0.0338%	1h	0.4418	−0.097%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4416	−0.129%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4407	−0.344%	$486K	—	100x	as long as short
Lighter ONDO	+0.0808%	1h	0.4416	−0.136%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0863%	4h	0.4394	−0.633%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4413	−0.197%	$2K	—	20x	as long as short