Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0896%/8h= +98.2% APRpaid last 24h −0.162%

Price spread now: Bybit against Kraken Futures−0.007%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$490.485% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.360%−$36 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.007%, 7d avg −0.109%

Together, before fees−0.385%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Bybit is 0.102% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.109%. Mind the row above: over the last 7 days funding on this pair cost −0.360%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.360% in total (about -18.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4579	−0.0796	get 0.0100% / 1h	0m 35s	$2.8M	$8.0M	50x
Short	Bybit ONDOUSDT	0.4579	0.0100	get 0.0050% / 4h	0m 35s	$74.1M	$120.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: $188.26
Price spread: −0.007% → −0.109%: $10.24
Slippage, 4 orders: −$27.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $150
Costs to cover: 0.485%
Break-even: 1.4 days

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 8 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, 3 min ago	2.18 bp	15.7 bp −$16	24.7 bp −$247	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	1.09 bp	8.7 bp −$9	12.9 bp −$129	47.1 bp −$4,715	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	−0.0796%	1h	0.4579	long leg	$2.8M	$8.0M	50x
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.247%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4582	+0.059%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4576	−0.065%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4579	−0.007%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4576	−0.072%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4586	+0.151%	$40.6M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4585	+0.124%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4581	+0.040%	$68.5M	$226.0M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4579	−0.007%	$74.1M	$120.6M	50x

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	0.4581	+0.037%	$17.8M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.151%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4581	+0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4579	−0.007%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4582	+0.059%	$49.1M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4581	+0.037%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4582	+0.059%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4582	+0.059%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4583	+0.085%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.118%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4582	+0.055%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	−0.159%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4583	+0.081%	$175K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4579	−0.002%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4575	−0.094%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4581	+0.037%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4594	+0.321%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4581	+0.037%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4582	+0.052%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4581	+0.029%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.081%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.052%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4583	+0.074%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4581	+0.037%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4577	−0.050%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4576	−0.065%	$546K	—	100x	as long as short
Lighter ONDO	+0.0648%	1h	0.4590	+0.238%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4576	−0.076%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2346%	1h	0.4581	+0.031%	$259K	$132K	5x	as long as short