Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.156%

Price spread now: Coinbase International against Gate+0.398%7-day average +0.263% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$860.863% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.818%+$82 on $10k

Price spread, last 3 days (all we have)−0.549%−$55 · spread now +0.398%, 7d avg +0.263%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.135% dearer against Gate than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.263%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4523	0.0100	pay 0.0050% / 4h	2h 57m	$11.8M	$18.6M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4541	0.0328	get 0.0041% / 1h	57m 01s	$311K	$837K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.398%Rate

Funding earned: $47.88
Price spread: +0.398% → +0.263%: $13.5
Slippage, 4 orders: −$61.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$24.9
Costs to cover: 0.863%
Break-even: 10.6 days

Slippage from Gate: live order book, 2 min ago; Coinbase International: live order book, 31 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 Gate live order book, 2 min ago	1.10 bp	17.9 bp −$18	38.4 bp −$384	52.6 bp −$5,262	82.0 bp −$41.0K
Sell Coinbase International live order book, 31 min ago	14.46 bp	23.0 bp −$23	72.2 bp −$722	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	−0.1123%	1h	0.4527	+0.095%	$3.1M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4523	0.000%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4525	+0.035%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.366%	$994	$82K	5.5x	as long as short
Bybit ONDOUSDT	+0.0044%	4h	0.4529	+0.133%	$73.7M	$116.7M	50x	as long as short
Variational Omni ONDO	+0.0062%	4h	0.4524	+0.013%	$799K	$2.0M	—	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.022%	$25K	$8K	10x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	+0.003%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	+0.066%	$433K	$669K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4530	+0.148%	$40.8M	$27.6M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4531	+0.176%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4527	+0.084%	$66.7M	$221.5M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4531	+0.177%	$17.7M	$80.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4556	+0.736%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4527	+0.079%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4523	long leg	$11.8M	$18.6M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4527	+0.088%	$48.3M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4526	+0.066%	$14.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4530	+0.155%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4526	+0.066%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4528	+0.108%	$226K	$941K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4539	+0.364%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4550	+0.597%	$428K	$925K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	+0.398%	$160K	$329K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4526	+0.069%	$78K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4523	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4524	+0.022%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4533	+0.221%	$125K	$513K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4524	+0.022%	$4.9M	$6.1M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4530	+0.155%	$405K	$994K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4526	+0.059%	$36K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4508	−0.340%	$29K	$220K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4529	+0.137%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4534	+0.239%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0328%	1h	0.4541	+0.398%	$311K	$837K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4522	−0.022%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4524	+0.011%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	+0.012%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.8083%	1h	0.4530	+0.164%	$256K	$117K	5x	as long as short