Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h −0.145%

Price spread now: Orderly against Coinbase International−0.087%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.087% cheaper against Coinbase International than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4576	0.0304	pay 0.0038% / 1h	5m 11s	$298K	$842K	50x
Short	Orderly PERP_ONDO_USDC	0.4572	0.0098	get 0.0049% / 4h	5m 11s	$25K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.087%Rate

Funding earned: −$43.28
Price spread: −0.087% → 0.000%: −$8.74
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$68.02
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 8 min ago; Orderly: no order-book sample. Net counts fees only.

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, 8 min ago	8.77 bp	25.9 bp −$26	46.2 bp −$462	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0798%	1h	0.4573	−0.074%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.175%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4573	−0.066%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4572	−0.083%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4572	−0.087%	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4571	−0.104%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4577	+0.013%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	+0.001%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4575	−0.030%	$68.4M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4573	−0.066%	$74.1M	$120.6M	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	0.4573	−0.066%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4572	−0.096%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4573	−0.060%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4570	−0.131%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4572	−0.087%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4573	−0.066%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	−0.066%	$25.8M	$40.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4572	−0.087%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4575	−0.031%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.177%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4571	−0.116%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4566	−0.222%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4574	−0.044%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	+0.024%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	−0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4573	−0.066%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4576	0.000%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4573	−0.066%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4573	−0.073%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4572	−0.085%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4574	−0.034%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	+0.020%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4576	−0.002%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0304%	1h	0.4576	long leg	$298K	$842K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4573	−0.066%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4572	−0.078%	$546K	—	100x	as long as short
Lighter ONDO	+0.0656%	1h	0.4581	+0.107%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4575	−0.031%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2563%	1h	0.4570	−0.124%	$259K	$132K	5x	as long as short