Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.350%

Price spread now: MEXC against Injective−4.926%70s7-day average +0.744% · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+3.367%+$337 on $10k

Price spread, last 4 days (all we have)+5.618%+$562 · spread now −4.926%, 7d avg +0.744%

Together, before fees+8.985%+$899 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 5.669% cheaper against Injective than usual: you would sell low and buy high (spread −4.926% now, against its 7-day average of +0.744%). If the spread goes back, that is −$567 on $10k: about 9 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.367% in total) that is about 12 days. The two prices were read 70 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	0.4568	0.0033	pay 0.0004% / 1h	18m 08s	$888	$216K	5.5x
Short	MEXC ONDO_USDT	0.4343	0.0100	get 0.0050% / 4h	2h 18m	$43.3M	$42.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −4.926%Rate

Funding earned: $14
Price spread: −4.926% → +0.744%: −$566.92
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: −$552.94
Costs to cover: 0.000%
Break-even: 283.5 days

Slippage unknown: Injective: no order-book sample; MEXC: 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 MEXC live order book, 1 min ago	1.15 bp	2.4 bp −$2	5.3 bp −$53	18.4 bp −$1,842	106.4 bp −$53.2K

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	−0.0240%	1h	0.4344	−4.908%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4344	−4.902%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0012%	1h	0.4341	−4.976%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4349	−4.790%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	−4.986%	$349K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4346	−4.858%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4345	−4.882%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4342	−4.947%	$62.9M	$237.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4340	−4.991%	$67.8M	$126.2M	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	0.4342	−4.947%	$17.3M	$73.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4335	−5.099%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4339	−5.012%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4344	−4.904%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4343	−4.926%	$43.3M	$42.5M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4345	−4.882%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4344	−4.904%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4345	−4.882%	—	$760K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4344	−4.897%	$176K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−5.435%	$631K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4325	−5.326%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4313	−5.584%	$398K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4306	−5.736%	$132K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4344	−4.904%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4345	−4.882%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4346	−4.860%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4347	−4.838%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4355	−4.663%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4345	−4.882%	$4.2M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4341	−4.969%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4346	−4.868%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4349	−4.802%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0120%	1h	0.4342	−4.939%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4347	−4.838%	$218K	$762K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4311	−5.635%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4341	−4.969%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0440%	1h	0.4348	−4.816%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4343	−4.926%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4346	−4.854%	$2K	—	20x	as long as short