Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.304%

Price spread now: BingX against Injective−5.035%7-day average — · you buy dearer than you sell

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

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+3.413%+$341 on $10k

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. BingX is 5.035% cheaper against Injective than usual: you would sell low and buy high (spread −5.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$504 on $10k: about 8 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.413% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	44m 33s	$888	$216K	5.5x
Short	BingX ONDO-USDT	0.4338	0.0100	get 0.0050% / 4h	1h 44m	—	$23.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −5.035%Rate

Funding earned: $14
Price spread: −5.035% → 0.000%: −$503.5
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$499.52
Costs to cover: 0.100%
Break-even: 256.8 days

Slippage unknown: Injective: no order-book sample; BingX: live order book, 9 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 9 min ago	2.31 bp	10.6 bp −$11	14.5 bp −$145	29.8 bp −$2,978	190.9 bp −$95.4K

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	−0.0146%	1h	0.4336	−5.089%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4337	−5.054%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4335	−5.104%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4336	−5.070%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4333	−5.155%	$348K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4338	−5.042%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4337	−5.048%	$62.9M	$238.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4335	−5.101%	$67.5M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−5.166%	$17.3M	$73.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4326	−5.300%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4335	−5.094%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4336	−5.079%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4337	−5.057%	$43.1M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4333	−5.144%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4337	−5.057%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4338	−5.035%	—	$23.7M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4337	−5.048%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−5.347%	$643K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4332	−5.166%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	−5.174%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4332	−5.166%	$133K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	−5.090%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	−5.079%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4326	−5.298%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	−5.079%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4335	−5.101%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4336	−5.079%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4333	−5.151%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4335	−5.094%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4340	−5.002%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0184%	1h	0.4337	−5.059%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4328	−5.254%	$214K	$727K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4331	−5.182%	$34K	$223K	10x	as long as short
Hyperliquid ONDO	+0.0324%	1h	0.4335	−5.101%	$36.3M	$27.3M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4336	−5.079%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4338	−5.035%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4335	−5.092%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4331	−5.183%	$2K	—	20x	as long as short