Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0450%/8h= +49.3% APRpaid last 24h −0.173%

Price spread now: Bitget against Kraken Futures−0.208%58s7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.444% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.357%−$36 on $10k

Price spread, last 3 days (all we have)+0.169%+$17 · spread now −0.208%, 7d avg −0.071%

Together, before fees−0.187%−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.137% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.208% now, against its 7-day average of −0.071%). If the spread goes back, that is −$14 on $10k: about 24 hours of funding at the current rate (+$14 a day). Mind the row above: over the last 7 days funding on this pair cost −0.357%, so the current rate has only just turned in your favour. The two prices were read 58 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	Kraken Futures PF_ONDOUSD	0.4591	−0.0350	get 0.0044% / 1h	38m 18s	$2.8M	$7.9M	50x
Short	Bitget ONDOUSDT	0.4581	0.0100	get 0.0050% / 4h	1h 38m	$25.9M	$41.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.208%Rate

Funding earned: $94.54
Price spread: −0.208% → −0.071%: −$13.73
Slippage, 4 orders: −$22.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $36.39
Costs to cover: 0.444%
Break-even: 4.3 days

Slippage from Kraken Futures: live order book, 6 min ago; Bitget: live order book, 6 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, 6 min ago	2.20 bp	9.4 bp −$9	22.4 bp −$224	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	2.20 bp	11.7 bp −$12	21.1 bp −$211	66.1 bp −$6,615	doesn't fit

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_ONDOUSDlong	−0.0350%	1h	0.4591	long leg	$2.8M	$7.9M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4606	+0.337%	$16K	$385K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4580	−0.226%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4580	−0.230%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4578	−0.262%	$434K	$691K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	−0.186%	$744K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4582	−0.179%	$67.4M	$224.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4580	−0.230%	$74.4M	$119.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4581	−0.208%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+0.779%	$73K	$87K	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	0.4579	−0.252%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4580	−0.230%	$11.9M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4581	−0.208%	$48.1M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4576	−0.317%	$13.7M	$10.8M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4581	−0.208%	$25.9M	$41.6M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4580	−0.230%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4594	+0.082%	$209K	$985K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.971%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4547	−0.955%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	−0.958%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	−0.217%	$77K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4624	+0.729%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4596	+0.119%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+0.489%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4593	+0.054%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4582	−0.186%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4582	−0.177%	$407K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4589	−0.026%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	−0.811%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	+0.228%	$894	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	−0.970%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4597	+0.141%	$302K	$869K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+0.032%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4586	−0.095%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0525%	1h	0.4587	−0.084%	$41.1M	$27.4M	10x	as long as short
Lighter ONDO	+0.0568%	1h	0.4597	+0.149%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0595% / S −0.0191%	1h	0.4580	−0.219%	$551K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4582	−0.182%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1246%	1h	0.4588	−0.050%	$260K	$130K	5x	as long as short