Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.105%

Price spread now: SunX against Coinbase International−0.139%7-day average −0.225% · you buy dearer than you sell

Net, funding: paid 7d − costs−$258as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1841.839% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.744%−$74 on $10k

Price spread, last 4 days (all we have)−0.115%−$12 · spread now −0.139%, 7d avg −0.225%

Together, before fees−0.859%−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.086% dearer against Coinbase International than usual: you sell high and buy low (spread −0.139% now, against its 7-day average of −0.225%): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 7 days (−0.744% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4327	0.0264	pay 0.0033% / 1h	36m 43s	$214K	$726K	50x
Short	SunX ONDO-USDT	0.4321	0.0100	get 0.0050% / 4h	1h 36m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$34.44
Price spread: −0.139% → −0.225%: $8.61
Slippage, 4 orders: −$165.87
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$209.7
Costs to cover: 1.839%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 7 min ago; SunX: live order book, 8 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, 7 min ago	9.25 bp	23.2 bp −$23	76.9 bp −$769	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	47.33 bp	69.3 bp −$69	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	−0.0147%	1h	0.4318	−0.203%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4318	−0.205%	$242K	$136K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4319	−0.186%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.570%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4316	−0.250%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4321	−0.139%	$347K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4315	−0.277%	$772K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	−0.322%	$62.6M	$236.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4313	−0.324%	$67.3M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4313	−0.324%	$17.1M	$72.8M	50x	as long as short

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	0.4319	−0.192%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4321	−0.131%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4313	−0.324%	$12.3M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4313	−0.324%	$42.6M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	−0.324%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	−0.347%	$24.6M	$39.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4314	−0.300%	—	$769K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4314	−0.300%	$171K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.075%	$643K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.140%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4325	−0.047%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.069%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4323	−0.097%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4318	−0.208%	$23K	$6K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4321	−0.139%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4319	−0.185%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.023%	$128K	$402K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4317	−0.231%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4322	−0.118%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	−0.348%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4320	−0.153%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0149%	1h	0.4315	−0.275%	$36.2M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4323	−0.090%	$356	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4319	−0.185%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0264%	1h	0.4327	long leg	$214K	$726K	50x
Phoenix ONDO	+0.0313%	1h	0.4325	−0.049%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.162%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4318	−0.202%	$486K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4320	−0.167%	$2K	—	20x	as long as short