Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0645%/8h= +70.6% APRpaid last 24h +0.683%

Price spread now: OKX against Injective+0.109%88s7-day average +0.943% · you sell dearer than you buy

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+3.366%+$337 on $10k

Price spread, last 3 days (all we have)+0.542%+$54 · spread now +0.109%, 7d avg +0.943%

Together, before fees+3.908%+$391 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.833% cheaper against Injective than usual: you would sell low and buy high (spread +0.109% now, against its 7-day average of +0.943%). If the spread goes back, that is −$83 on $10k: about 4.3 days of funding at the current rate (+$19 a day). At the pace of the last 7 days (+3.366% in total) that is about 42 hours. The two prices were read 88 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	−0.0545	get 0.0068% / 1h	1m 54s	$888	$216K	5.5x
Short	OKX ONDO-USDT-SWAP	0.4573	0.0100	get 0.0050% / 4h	1m 54s	$17.7M	$80.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.109%Rate

Funding earned: $135.39
Price spread: +0.109% → +0.943%: −$83.32
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $42.05
Costs to cover: 0.100%
Break-even: 4.8 days

Slippage unknown: Injective: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	1.09 bp	10.1 bp −$10	21.2 bp −$212	284.2 bp −$28.4K	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	−0.0797%	1h	0.4575	+0.152%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERPlong	−0.0545%	1h	0.4568	long leg	$888	$216K	5.5x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4577	+0.197%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4575	+0.157%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4575	+0.153%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4575	+0.142%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4578	+0.228%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4578	+0.219%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4575	+0.162%	$68.4M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4575	+0.153%	$74.1M	$120.6M	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-SWAPshort	+0.0100%	4h	0.4573	+0.109%	$17.7M	$80.1M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.398%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4574	+0.128%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4573	+0.109%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	+0.153%	$49.1M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4575	+0.153%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4576	+0.175%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4574	+0.131%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4577	+0.193%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.003%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4571	+0.059%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.088%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	+0.153%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4579	+0.236%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4576	+0.175%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4577	+0.197%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4586	+0.394%	$134K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4575	+0.153%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4574	+0.142%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4573	+0.112%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4578	+0.230%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	+0.195%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4578	+0.217%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4581	+0.285%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4584	+0.350%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4576	+0.171%	$546K	—	100x	as long as short
Lighter ONDO	+0.0656%	1h	0.4582	+0.298%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4576	+0.171%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2428%	1h	0.4582	+0.302%	$259K	$132K	5x	as long as short