Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.572%

Price spread now: Injective against Gate+3.653%84s7-day average −0.891% · you sell dearer than you buy

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.366%−$337 on $10k

Price spread, last 3 days (all we have)−4.458%−$446 · spread now +3.653%, 7d avg −0.891%

Together, before fees−7.823%−$782 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 4.544% dearer against Gate than usual: you sell high and buy low (spread +3.653% now, against its 7-day average of −0.891%): +$454 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8 months. At the pace of the last 7 days (−3.366% in total) that is about 9.5 days. The two prices were read 84 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4407	0.0100	pay 0.0050% / 4h	2h 31m	$11.6M	$16.3M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	31m 43s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +3.653%Rate

Funding earned: −$14
Price spread: +3.653% → −0.891%: $454.43
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $425.41
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, 2 min ago; Injective: 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 Gate live order book, 2 min ago	1.14 bp	15.1 bp −$15	38.1 bp −$381	48.7 bp −$4,872	80.1 bp −$40.1K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 38 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	−0.0363%	1h	0.4405	−0.054%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.091%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	−0.027%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+3.653%	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4408	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	+0.079%	$395K	$854K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4410	+0.068%	$669K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4408	+0.023%	$64.2M	$232.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4407	0.000%	$69.8M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	+0.023%	$17.1M	$75.7M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	−0.029%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4409	+0.050%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4407	long leg	$11.6M	$16.3M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4409	+0.045%	$43.9M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4410	+0.068%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4409	+0.045%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4410	+0.068%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4411	+0.086%	$201K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4418	+0.245%	$779K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	+0.187%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4420	+0.295%	$407K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4415	+0.182%	$136K	$371K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4414	+0.150%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4411	+0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4408	+0.023%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4415	+0.182%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4409	+0.042%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4409	+0.047%	$398K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.068%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4409	+0.045%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0271%	1h	0.4413	+0.129%	$39.0M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.340%	$284K	$758K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.243%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4416	+0.211%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4407	−0.005%	$486K	—	100x	as long as short
Phemex ONDOUSDT	+0.0820%	4h	0.4407	0.000%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0824%	1h	0.4415	+0.184%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4413	+0.142%	$2K	—	20x	as long as short