Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.015%

Price spread now: KuCoin against Deribit0.000%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now 0.000%, 7d avg 0.000%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4394	0.0205	pay 0.0026% / 1h	49m 52s	$18K	$367K	25x
Short	KuCoin ONDOUSDTM	0.4394	0.0100	get 0.0050% / 4h	3h 49m	$12.7M	$10.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$22.05
Price spread: 0.000% → 0.000%: $0.03
Slippage, 4 orders: −$43.15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$84.17
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; KuCoin: live order book, 4 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 Deribit live order book, 4 min ago	6.80 bp	14.5 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.27 bp	21.5 bp −$22	50.2 bp −$502	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	−0.0159%	1h	0.4393	−0.022%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4397	+0.077%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4393	−0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.960%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4398	+0.086%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4393	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4395	+0.023%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.015%	$63.5M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4391	−0.068%	$68.1M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.046%	$17.2M	$73.3M	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	0.4408	+0.321%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4396	+0.053%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.046%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4394	0.000%	$44.1M	$41.5M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4394	0.000%	$12.7M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4394	0.000%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	0.000%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4395	+0.025%	$185K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4404	+0.221%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4407	+0.302%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4413	+0.432%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.341%	$136K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4395	+0.030%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4397	+0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	+0.046%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4406	+0.273%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4396	+0.046%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4397	+0.070%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.028%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4396	+0.057%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4397	+0.071%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0205%	1h	0.4394	long leg	$18K	$367K	25x
Aster ONDOUSDT	+0.0220%	4h	0.4396	+0.049%	$782K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4408	+0.319%	$272K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0289%	1h	0.4397	+0.074%	$37.8M	$24.6M	10x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4398	+0.091%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4407	+0.296%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4393	−0.027%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4395	+0.017%	$2K	—	20x	as long as short