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: SunX against Injective−5.188%61s7-day average +0.766% · you buy dearer than you sell

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

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+3.434%+$343 on $10k

Price spread, last 4 days (all we have)+5.870%+$587 · spread now −5.188%, 7d avg +0.766%

Together, before fees+9.304%+$930 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 5.954% cheaper against Injective than usual: you would sell low and buy high (spread −5.188% now, against its 7-day average of +0.766%). If the spread goes back, that is −$595 on $10k: about 10 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.434% in total) that is about 12 days. The two prices were read 61 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	10m 23s	$888	$216K	5.5x
Short	SunX ONDO-USDT	0.4331	0.0100	get 0.0050% / 4h	3h 10m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −5.188%Rate

Funding earned: $14
Price spread: −5.188% → +0.766%: −$595.41
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$589.43
Costs to cover: 0.080%
Break-even: 301.7 days

Slippage unknown: Injective: no order-book sample; SunX: live order book, 4 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 SunX live order book, 4 min ago	47.09 bp	68.6 bp −$69	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	−0.0162%	1h	0.4328	−5.247%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4330	−5.221%	$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	0.4334	−5.118%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4330	−5.210%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4335	−5.112%	$358K	$858K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4332	−5.176%	$62.5M	$232.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4329	−5.232%	$67.3M	$124.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4331	−5.188%	$17.0M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4331	−5.195%	$72K	$83K	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	0.4334	−5.133%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4330	−5.210%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	−5.188%	$42.3M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4331	−5.188%	$12.6M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4332	−5.166%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4331	−5.188%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4334	−5.134%	$180K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4330	−5.217%	$681K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4348	−4.821%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4349	−4.792%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4346	−4.860%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4330	−5.204%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4331	−5.188%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4331	−5.188%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4341	−4.969%	$128K	$431K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4333	−5.144%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4334	−5.130%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	−5.214%	$390K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	−5.199%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0130%	1h	0.4331	−5.188%	$36.7M	$25.2M	10x	as long as short
Aster ONDOUSDT	+0.0141%	4h	0.4334	−5.127%	$783K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4334	−5.116%	$357	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4331	−5.188%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4327	−5.276%	$217K	$763K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4356	−4.645%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4339	−5.013%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4330	−5.221%	$482K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4330	−5.202%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1229%	1h	0.4335	−5.096%	$245K	$129K	5x	as long as short