Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h +0.803%

Price spread now: Bitget against Injective+0.733%111s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+3.347%+$335 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bitget is 0.733% dearer against Injective than usual: you sell high and buy low (spread +0.733% now, against zero (this spread has no 7-day history yet)): +$73 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 48 days. Mind the row above: over the last 7 days funding on this pair paid +3.347%, so the current rate has only just turned against you. The two prices were read 111 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	Injective ONDO/USDC PERP	0.4503	0.0151	pay 0.0019% / 1h	55m 28s	$1K	$181K	5.5x
Short	Bitget ONDOUSDT	0.4536	0.0100	get 0.0050% / 4h	1h 55m	$25.6M	$41.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.733%Rate

Funding earned: −$10.61
Price spread: +0.733% → 0.000%: $73.28
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $50.65
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	2.22 bp	10.1 bp −$10	20.4 bp −$204	67.2 bp −$6,715	doesn't fit

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	−0.0355%	1h	0.4528	+0.559%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4536	+0.733%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	+0.696%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	+0.473%	$29K	$219K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4533	+0.666%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4536	+0.744%	$426K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4535	+0.711%	$763K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4536	+0.725%	$66.8M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4536	+0.733%	$73.5M	$118.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4536	+0.733%	$17.7M	$80.2M	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	0.4515	+0.275%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4534	+0.698%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4534	+0.688%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4533	+0.666%	$48.0M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4532	+0.644%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4536	+0.733%	$25.6M	$41.2M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4534	+0.688%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4535	+0.708%	$196K	$972K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4505	+0.052%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4510	+0.149%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4525	+0.487%	$427K	$937K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4537	+0.751%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4536	+0.733%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4534	+0.688%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4543	+0.888%	$130K	$510K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4533	+0.666%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4535	+0.701%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4535	+0.701%	$403K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.777%	$44K	$8K	3x	as long as short
Injective ONDO/USDC PERPlong	+0.0151%	1h	0.4503	long leg	$1K	$181K	5.5x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.777%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4530	+0.600%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4540	+0.817%	$374	$2K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0387%	1h	0.4526	+0.511%	$160K	$333K	50x	as long as short
Lighter ONDO	+0.0552%	1h	0.4543	+0.882%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4534	+0.678%	$545K	—	100x	as long as short
Hyperliquid ONDO	+0.0711%	1h	0.4541	+0.841%	$40.6M	$27.7M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4537	+0.747%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1392%	1h	0.4530	+0.606%	$256K	$130K	5x	as long as short