Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.803%

Price spread now: Injective against HTX−2.106%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.419%−$342 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 2.106% cheaper against HTX than usual: you would sell low and buy high (−$211 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4511	0.0100	pay 0.0050% / 4h	2h 48m	$125K	$511K	50x
Short	Injective ONDO/USDC PERP	0.4416	0.0033	get 0.0004% / 1h	48m 39s	$994	$82K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −2.106%Rate

Funding earned: −$14
Price spread: −2.106% → 0.000%: −$210.6
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$236.62
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 39 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 HTX live order book, 39 min ago	14.42 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
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 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	0.4504	−0.150%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4504	−0.155%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4502	−0.207%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.215%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4416	−2.106%	$994	$82K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4502	−0.200%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4506	−0.105%	$429K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4511	+0.004%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4508	−0.067%	$752K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4505	−0.141%	$66.3M	$220.1M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4504	−0.155%	$72.5M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	−0.155%	$17.6M	$79.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4509	−0.049%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	−0.160%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4506	−0.111%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4505	−0.133%	$47.5M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4507	−0.089%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4505	−0.133%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4504	−0.155%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4503	−0.182%	$194K	$974K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4504	−0.166%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4513	+0.041%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4504	−0.152%	$417K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	−0.111%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4504	−0.162%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4501	−0.222%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4502	−0.200%	$468	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4511	long leg	$125K	$511K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4500	−0.244%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	−0.155%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4503	−0.169%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4502	−0.192%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.200%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4503	−0.177%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0360%	1h	0.4514	+0.060%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0520%	1h	0.4507	−0.082%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4501	−0.218%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4502	−0.198%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0511%	1h	0.4507	−0.089%	$255K	$117K	5x	as long as short