Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.117%

Price spread now: OKX against Coinbase International−0.136%7-day average −0.243% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.795%−$80 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.136%, 7d avg −0.243%

Together, before fees−0.847%−$85 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.107% dearer against Coinbase International than usual: you sell high and buy low (spread −0.136% now, against its 7-day average of −0.243%): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.795% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4401	0.0272	pay 0.0034% / 1h	57m 44s	$272K	$731K	50x
Short	OKX ONDO-USDT-SWAP	0.4395	0.0100	get 0.0050% / 4h	3h 57m	$17.2M	$73.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$36.12
Price spread: −0.136% → −0.243%: $10.7
Slippage, 4 orders: −$38.36
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$83.77
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 61 min ago; OKX: 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, 61 min ago	12.60 bp	21.8 bp −$22	54.0 bp −$540	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.14 bp	10.3 bp −$10	20.8 bp −$208	185.4 bp −$18.5K	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	−0.0159%	1h	0.4394	−0.164%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4394	−0.156%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.239%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.795%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4401	−0.005%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	−0.204%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4393	−0.176%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4397	−0.090%	$63.6M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4395	−0.136%	$68.1M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4395	−0.136%	$17.2M	$73.3M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4393	−0.180%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.209%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	−0.136%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4398	−0.068%	$44.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4397	−0.091%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4398	−0.068%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4395	−0.136%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4396	−0.109%	$185K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	−0.052%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	−0.046%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.181%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	−0.114%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.180%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4393	−0.182%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	−0.114%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4403	+0.045%	$130K	$434K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4395	−0.129%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4395	−0.130%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	−0.126%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4393	−0.175%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4393	−0.182%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0227%	4h	0.4398	−0.068%	$762K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0272%	1h	0.4401	long leg	$272K	$731K	50x
Hyperliquid ONDO	+0.0338%	1h	0.4401	−0.005%	$37.9M	$24.7M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4396	−0.114%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4396	−0.102%	$35K	$218K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4390	−0.246%	$522K	—	100x	as long as short
Phemex ONDOUSDT	+0.0814%	4h	0.4393	−0.182%	$4.3M	$7.9M	50x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4393	−0.188%	$2K	—	20x	as long as short