Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.470%

Price spread now: GRVT against Injective−4.094%7-day average +0.843% · you buy dearer than you sell

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

Long on Injective Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+3.425%+$342 on $10k

Price spread, last 4 days (all we have)+4.608%+$461 · spread now −4.094%, 7d avg +0.843%

Together, before fees+8.033%+ Points / potential airdropGRVT: Active · farm board+$803 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 4.937% cheaper against Injective than usual: you would sell low and buy high (spread −4.094% now, against its 7-day average of +0.843%). If the spread goes back, that is −$494 on $10k: about 8 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.425% 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	3m 03s	$888	$216K	5.5x
Short	GRVT ONDO_USDT_Perp	0.4381	0.0100	get 0.0050% / 4h	3m 03s	$408K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Injective. 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 InjectivebpFee GRVTbpOrdersPrice spread, now −4.094%Rate

Funding earned: $14
Price spread: −4.094% → +0.843%: −$493.69
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$488.71
Costs to cover: 0.090%
Break-even: 251.4 days

Slippage unknown: Injective: no order-book sample; GRVT: live order book, 5 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 GRVT live order book, 5 min ago	3.42 bp	10.8 bp −$11	33.7 bp −$337	doesn't fit	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−3.888%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4391	−3.874%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4396	−3.765%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4391	−3.875%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4391	−3.864%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4394	−3.809%	$63.5M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4392	−3.853%	$68.0M	$126.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4394	−3.809%	$17.1M	$73.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4386	−3.978%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4391	−3.872%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−3.853%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−3.831%	$44.6M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4392	−3.853%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4393	−3.831%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4392	−3.853%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4394	−3.818%	$186K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−4.253%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4375	−4.219%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4381	−4.094%	$408K	$1.1M	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4375	−4.225%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4392	−3.844%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4393	−3.831%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4394	−3.809%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	−3.678%	$127K	$436K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4393	−3.831%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4393	−3.827%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4392	−3.847%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4394	−3.802%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0140%	1h	0.4396	−3.759%	$37.8M	$24.7M	10x	as long as short
dYdX ONDO-USD	+0.0211%	1h	0.4387	−3.967%	$248K	$129K	5x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4393	−3.827%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0218%	4h	0.4393	−3.831%	$760K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4393	−3.831%	$271K	$729K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	−3.809%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4379	−4.137%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4391	−3.884%	$522K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0661%	1h	0.4395	−3.787%	$18K	$367K	25x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4393	−3.837%	$2K	—	20x	as long as short