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 +0.151%

Price spread now: Coinbase International against HTX+0.177%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.754%+$75 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.177%, 7d avg +0.086%

Together, before fees+0.776%+$78 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 0.092% dearer against HTX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4512	0.0100	pay 0.0050% / 4h	2h 45m	$125K	$511K	50x
Short	Coinbase International ONDO-PERP-INTX	0.4520	0.0328	get 0.0041% / 1h	45m 57s	$304K	$839K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.177%Rate

Funding earned: $47.88
Price spread: +0.177% → +0.086%: $9.16
Slippage, 4 orders: −$68.19
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$33.15
Costs to cover: 0.902%
Break-even: 11.8 days

Slippage from HTX: live order book, 42 min ago; Coinbase International: live order book, 42 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 HTX live order book, 42 min ago	14.42 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 42 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	−0.1129%	1h	0.4505	−0.163%	$3.0M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4502	−0.231%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4508	−0.080%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.128%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4502	−0.222%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4501	−0.244%	$429K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4505	−0.153%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4503	−0.191%	$755K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4501	−0.233%	$66.2M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4500	−0.266%	$72.4M	$117.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4499	−0.288%	$17.6M	$79.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4509	−0.071%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4500	−0.257%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4499	−0.288%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4500	−0.266%	$47.4M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4499	−0.288%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4501	−0.244%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4500	−0.266%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4503	−0.197%	$194K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4504	−0.188%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4503	−0.196%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4501	−0.253%	$417K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	−0.133%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4502	−0.211%	$79K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	−0.199%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4502	−0.222%	$468	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4512	long leg	$125K	$511K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4501	−0.244%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4498	−0.299%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4500	−0.269%	$402K	$986K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4503	−0.188%	$35K	—	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0194%	1h	0.4504	−0.177%	$29K	$354K	25x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0328%	1h	0.4520	+0.177%	$304K	$839K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4507	−0.111%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0416%	1h	0.4509	−0.058%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0488%	1h	0.4506	−0.129%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4502	−0.232%	$559K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4501	−0.237%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0349%	1h	0.4498	−0.303%	$255K	$117K	5x	as long as short