Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0463%/8h= +50.7% APRpaid last 24h −0.106%

Price spread now: KuCoin against Kraken Futures−0.009%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.267%−$27 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.009%, 7d avg −0.054%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and KuCoin is 0.044% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.054%. Mind the row above: over the last 7 days funding on this pair cost −0.267%, 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 -0.267% in total (about -13.9% 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	0.4401	−0.0363	get 0.0045% / 1h	41m 05s	$2.6M	$8.1M	50x
Short	KuCoin ONDOUSDTM	0.4401	0.0100	get 0.0050% / 4h	2h 41m	$13.0M	$11.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.009%Rate

Funding earned: $97.18
Price spread: −0.009% → −0.054%: $4.45
Slippage, 4 orders: −$46.88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $32.75
Costs to cover: 0.689%
Break-even: 4.6 days

Slippage from Kraken Futures: live order book, 3 min ago; KuCoin: live order book, 3 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	13.51 bp	20.7 bp −$21	34.6 bp −$346	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.13 bp	18.3 bp −$18	39.4 bp −$394	doesn't fit	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	−0.0363%	1h	0.4401	long leg	$2.6M	$8.1M	50x
dYdX ONDO-USD	0.0000%	1h	0.4403	+0.044%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4393	−0.190%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.785%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4399	−0.055%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4404	+0.048%	$397K	$839K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4401	−0.008%	$685K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4402	+0.014%	$64.7M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	+0.014%	$70.1M	$124.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	+0.014%	$17.1M	$75.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−0.139%	$72K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4406	+0.101%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4400	−0.032%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4402	+0.014%	$44.0M	$42.4M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4401	−0.009%	$13.0M	$11.0M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4399	−0.055%	$25.0M	$40.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4400	−0.032%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4400	−0.021%	$197K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	−0.013%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.810%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	+0.809%	$409K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.741%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4408	+0.152%	$77K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4402	+0.014%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	+0.014%	$458	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4416	+0.332%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4408	+0.142%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4400	−0.033%	$398K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4403	+0.047%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4402	+0.014%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0262%	1h	0.4406	+0.114%	$38.9M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4380	−0.486%	$282K	$784K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4410	+0.191%	$363	$2K	10x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.545%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.581%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4393	−0.197%	$485K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4409	+0.166%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0920%	4h	0.4404	+0.059%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4397	−0.105%	$2K	—	20x	as long as short