Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.408%

Price spread now: KuCoin against Injective−3.415%7-day average +0.821% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+3.428%+$343 on $10k

Price spread, last 4 days (all we have)+3.942%+$394 · spread now −3.415%, 7d avg +0.821%

Together, before fees+7.370%+$737 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 4.236% cheaper against Injective than usual: you would sell low and buy high (spread −3.415% now, against its 7-day average of +0.821%). If the spread goes back, that is −$424 on $10k: about 7 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.428% in total) that is about 8.7 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	52m 58s	$888	$216K	5.5x
Short	KuCoin ONDOUSDTM	0.4412	0.0100	get 0.0050% / 4h	3h 52m	$12.8M	$10.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −3.415%Rate

Funding earned: $14
Price spread: −3.415% → +0.821%: −$423.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$421.62
Costs to cover: 0.120%
Break-even: 217.8 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 6 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 KuCoin live order book, 6 min ago	1.14 bp	13.3 bp −$13	29.2 bp −$292	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	−0.0159%	1h	0.4411	−3.427%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	−3.761%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4411	−3.440%	$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	0.4416	−3.319%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4412	−3.415%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−3.470%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4416	−3.328%	$63.9M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4412	−3.415%	$68.5M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	−3.349%	$17.3M	$73.7M	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	0.4391	−3.866%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4404	−3.595%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4412	−3.415%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4414	−3.371%	$44.5M	$41.4M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4412	−3.415%	$12.8M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4415	−3.349%	$25.3M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4413	−3.393%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4415	−3.349%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4390	−3.903%	$716K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	−3.699%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−3.867%	$414K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	−3.722%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4410	−3.459%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4415	−3.349%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	−3.349%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4421	−3.218%	$131K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4411	−3.437%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4402	−3.634%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4414	−3.376%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4416	−3.334%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4404	−3.584%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4414	−3.363%	$764K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4406	−3.546%	$272K	$732K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4398	−3.722%	$35K	$218K	10x	as long as short
Hyperliquid ONDO	+0.0330%	1h	0.4417	−3.299%	$38.0M	$24.6M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4411	−3.437%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0608% / S −0.0219%	1h	0.4411	−3.441%	$524K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0657%	1h	0.4416	−3.327%	$18K	$367K	25x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4410	−3.454%	$2K	—	20x	as long as short