Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.027%

Price spread now: Orderly against gTrade (Gains Network)−0.027%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Orderly is 0.027% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 23 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ONDO/USD	0.4572	L +0.0003% / S −0.0008%	pay 0.0000% / 1h	49m 12s	$6K	—	150x
Short	Orderly PERP_ONDO_USDC	0.4571	0.0098	get 0.0049% / 4h	49m 12s	$25K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.027%Rate

Funding earned: $19.84
Price spread: −0.027% → 0.000%: −$2.67
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.17
Costs to cover: 0.160%
Break-even: 6.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and 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	+0.011%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.092%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USDlong	L +0.0003% / S −0.0008%	1h	0.4572	long leg	$6K	—	150x
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4571	−0.027%	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4575	+0.061%	$431K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	+0.074%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4573	+0.011%	$68.4M	$227.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4571	−0.027%	$74.2M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4570	−0.049%	$17.8M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4597	+0.540%	$75K	$89K	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	0.4571	−0.026%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4572	−0.005%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	+0.061%	$49.4M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4574	+0.039%	$13.8M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	+0.017%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4573	+0.017%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4587	+0.322%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4590	+0.386%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4590	+0.390%	$434K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4588	+0.345%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	+0.052%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4574	+0.039%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4571	−0.027%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4582	+0.214%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4573	+0.017%	$4.7M	$6.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4572	−0.005%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4571	−0.034%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	+0.050%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4571	−0.027%	$36K	$436K	25x	as long as short
Backpack ONDO_USDC_PERP	+0.0220%	1h	0.4574	+0.039%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4578	+0.137%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.586%	$302K	$859K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4576	+0.083%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0363%	1h	0.4578	+0.126%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0496%	1h	0.4577	+0.094%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4572	−0.014%	$546K	—	100x	as long as short
Lighter ONDO	+0.1032%	1h	0.4583	+0.240%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4573	+0.025%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6770%	1h	0.4574	+0.030%	$259K	$129K	5x	as long as short