Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h −0.083%

Price spread now: BingX against Kraken Futures+0.088%7-day average −0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$182as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1541.540% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now +0.088%, 7d avg −0.078%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BingX is 0.166% dearer against Kraken Futures than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.078%. Mind the row above: over the last 7 days funding on this pair cost −0.278%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4411	0.0061	pay 0.0008% / 1h	33m 59s	$2.6M	$8.1M	50x
Short	BingX ONDO-USDC	0.4415	0.0100	get 0.0050% / 4h	1h 33m	—	$760K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.088%Rate

Funding earned: $8.17
Price spread: +0.088% → −0.078%: $16.64
Slippage, 4 orders: −$134.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$129.21
Costs to cover: 1.540%
Break-even: 117.7 days

Slippage from Kraken Futures: live order book, 5 min ago; BingX: live order book, 25 min ago.

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 Kraken Futures live order book, 5 min ago	4.55 bp	19.2 bp −$19	28.6 bp −$286	doesn't fit	doesn't fit
Sell BingX live order book, 25 min ago	2.27 bp	57.2 bp −$57	103.0 bp −$1,030	614.8 bp −$61.5K	995.2 bp −$497.6K

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
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.181%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4408	−0.076%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.557%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSDlong	+0.0061%	1h	0.4411	long leg	$2.6M	$8.1M	50x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4409	−0.048%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.020%	$373K	$838K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4415	+0.088%	$64.1M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4414	+0.065%	$69.7M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	+0.111%	$17.0M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	−0.352%	$72K	$86K	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	0.4408	−0.076%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4410	−0.025%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4415	+0.088%	$46.9M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	+0.020%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4416	+0.111%	$25.2M	$39.7M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4415	+0.088%	—	$760K	—
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.056%	$713K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4397	−0.325%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	−0.207%	$406K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4397	−0.320%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4411	+0.002%	$71K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4414	+0.065%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	+0.043%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	+0.201%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4413	+0.043%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4414	+0.054%	$399K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	+0.077%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4408	−0.067%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0148%	4h	0.4417	+0.133%	$712K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0187%	1h	0.4418	+0.161%	$38.4M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0196%	1h	0.4416	+0.113%	$190K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4398	−0.306%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4415	+0.088%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4407	−0.093%	$283K	$703K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4415	+0.084%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0431%	1h	0.4411	−0.003%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4408	−0.070%	$486K	—	100x	as long as short
Lighter ONDO	+0.0880%	1h	0.4419	+0.177%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4411	−0.004%	$2K	—	20x	as long as short