Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.147%

Price spread now: HTX against Coinbase International0.000%7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$770.774% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.751%−$75 on $10k

Price spread, last 3 days (all we have)−0.373%−$37 · spread now 0.000%, 7d avg −0.085%

Together, before fees−1.124%−$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.085% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.085%): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4564	0.0280	pay 0.0035% / 1h	29m 02s	$300K	$864K	50x
Short	HTX ONDO-USDT	0.4564	0.0100	get 0.0050% / 4h	1h 29m	$133K	$511K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$37.8
Price spread: 0.000% → −0.085%: $8.45
Slippage, 4 orders: −$55.38
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$106.72
Costs to cover: 0.774%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 54 min ago; HTX: live order book, 54 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, 54 min ago	5.53 bp	12.7 bp −$13	68.1 bp −$681	doesn't fit	doesn't fit
Sell HTX live order book, 54 min ago	11.04 bp	19.2 bp −$19	doesn't fit	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	−0.0353%	1h	0.4557	−0.164%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4556	−0.171%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4555	−0.197%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4556	−0.175%	$430K	$699K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4557	−0.149%	$730K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4557	−0.153%	$67.3M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4554	−0.219%	$74.1M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4554	−0.219%	$17.7M	$81.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.576%	$74K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4553	−0.243%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4555	−0.197%	$11.9M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4555	−0.197%	$47.9M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4554	−0.219%	$13.7M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4556	−0.175%	$25.8M	$41.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4554	−0.219%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4559	−0.118%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.549%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	−0.189%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4540	−0.526%	$426K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4553	−0.241%	$161K	$334K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4558	−0.140%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4555	−0.197%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4558	−0.131%	$474	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4564	0.000%	$133K	$511K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4555	−0.197%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4551	−0.292%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4554	−0.220%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4560	−0.088%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4555	−0.208%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.088%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4558	−0.131%	$26K	$396K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0280%	1h	0.4564	long leg	$300K	$864K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4556	−0.175%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4558	−0.125%	$375	$2K	10x	as long as short
Hyperliquid ONDO	+0.0428%	1h	0.4561	−0.069%	$40.8M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0187%	1h	0.4555	−0.189%	$543K	—	100x	as long as short
Lighter ONDO	+0.0632%	1h	0.4565	+0.020%	$1.4M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4557	−0.145%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2719%	1h	0.4547	−0.363%	$257K	$129K	5x	as long as short