Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.136%

Price spread now: KuCoin against Coinbase International−0.413%7-day average −0.208% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$940.942% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.753%−$75 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.413%, 7d avg −0.208%

Together, before fees−0.534%−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.205% cheaper against Coinbase International than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.208%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4596	0.0280	pay 0.0035% / 1h	5m 43s	$300K	$816K	50x
Short	KuCoin ONDOUSDTM	0.4577	0.0100	get 0.0050% / 4h	3h 05m	$14.2M	$10.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.413%Rate

Funding earned: −$37.8
Price spread: −0.413% → −0.208%: −$20.53
Slippage, 4 orders: −$72.18
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$152.51
Costs to cover: 0.942%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; KuCoin: 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, 3 min ago	6.53 bp	33.8 bp −$34	83.6 bp −$836	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.09 bp	15.9 bp −$16	38.1 bp −$381	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	−0.0871%	1h	0.4583	−0.280%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4576	−0.427%	$259K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4577	−0.414%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.609%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4577	−0.413%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4579	−0.375%	$429K	$705K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4577	−0.423%	$68.5M	$221.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4575	−0.457%	$73.7M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4578	−0.392%	$17.5M	$77.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4577	−0.409%	$73K	$92K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4575	−0.448%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4575	−0.457%	$12.0M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	−0.457%	$49.1M	$42.1M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4577	−0.413%	$14.2M	$10.7M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4575	−0.457%	$26.0M	$38.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4577	−0.413%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.443%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.162%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4601	+0.114%	$425K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	+0.174%	$172K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	−0.324%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4579	−0.370%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4583	−0.283%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4596	0.000%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4586	−0.218%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4576	−0.428%	$7K	—	10x	as long as short
Aster ONDOUSDT	+0.0101%	4h	0.4579	−0.366%	$722K	$2.1M	20x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4574	−0.471%	$415K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4582	−0.300%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0112%	1h	0.4584	−0.255%	$231K	$999K	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4579	−0.370%	$33K	$340K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4601	+0.098%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4582	−0.298%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0280%	1h	0.4596	long leg	$300K	$816K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4598	+0.044%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0381%	1h	0.4583	−0.283%	$40.8M	$24.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0188%	1h	0.4576	−0.425%	$546K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4586	−0.209%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4579	−0.378%	$2K	—	20x	as long as short