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: HTX against Injective+0.487%65s7-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 HTX

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and HTX is 0.487% dearer against Injective than usual: you sell high and buy low: +$49 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	0.4522	0.0033	pay 0.0004% / 1h	22m 09s	$1K	$132K	5.5x
Short	HTX ONDO-USDT	0.4544	0.0100	get 0.0050% / 4h	2h 22m	$128K	$515K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.487%Rate

Funding earned: $14
Price spread: +0.487% → 0.000%: $48.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $50.63
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; HTX: live order book, 1 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 HTX live order book, 1 min ago	11.04 bp	19.2 bp −$19	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.1122%	1h	0.4532	+0.218%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	+0.354%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	+0.275%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4529	+0.157%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4522	long leg	$1K	$132K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4536	+0.310%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4530	+0.188%	$426K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4535	+0.295%	$767K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4535	+0.297%	$66.9M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4535	+0.287%	$73.6M	$118.0M	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	0.4536	+0.310%	$17.8M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4534	+0.274%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4528	+0.129%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4531	+0.199%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4535	+0.287%	$47.7M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4534	+0.265%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4535	+0.287%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4534	+0.265%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4538	+0.352%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4536	+0.317%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	+0.134%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4529	+0.154%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4532	+0.221%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4535	+0.279%	$104K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4537	+0.332%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4537	+0.332%	$472	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4544	+0.487%	$128K	$515K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4536	+0.310%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4526	+0.079%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4536	+0.320%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.357%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0251%	1h	0.4536	+0.301%	$40.5M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.376%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4521	−0.022%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4531	+0.206%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4543	+0.467%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4534	+0.269%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	+0.283%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9924%	1h	0.4525	+0.060%	$256K	$128K	5x	as long as short