Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h −0.175%

Price spread now: Orderly against Kraken Futures+0.034%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Orderly is 0.034% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4544	−0.0354	get 0.0044% / 1h	29m 49s	$2.8M	$7.9M	50x
Short	Orderly PERP_ONDO_USDC	0.4546	0.0098	get 0.0049% / 4h	1h 29m	$25K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.034%Rate

Funding earned: $94.85
Price spread: +0.034% → 0.000%: $3.44
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $82.29
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: Kraken Futures: live order book, 4 min ago; Orderly: no order-book sample. 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 Kraken Futures live order book, 4 min ago	6.58 bp	17.2 bp −$17	26.6 bp −$266	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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_ONDOUSDlong	−0.0354%	1h	0.4544	long leg	$2.8M	$7.9M	50x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4544	−0.004%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4546	+0.034%	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4543	−0.032%	$429K	$699K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4548	+0.080%	$729K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4546	+0.045%	$67.2M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4548	+0.078%	$74.0M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4548	+0.078%	$17.7M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.148%	$74K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4541	−0.066%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4543	−0.032%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4546	+0.034%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4545	+0.012%	$13.7M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4549	+0.100%	$25.7M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4546	+0.034%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4547	+0.056%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.121%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	+0.240%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	+0.362%	$428K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4553	+0.188%	$161K	$334K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4542	−0.049%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4547	+0.056%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	+0.056%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4552	+0.166%	$132K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4545	+0.012%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4541	−0.071%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4546	+0.037%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4549	+0.110%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4569	+0.536%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.519%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4548	+0.078%	$26K	$396K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	+0.431%	$300K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.076%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4547	+0.054%	$374	$2K	10x	as long as short
Hyperliquid ONDO	+0.0429%	1h	0.4552	+0.171%	$40.8M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0585% / S −0.0187%	1h	0.4544	−0.001%	$541K	—	100x	as long as short
Lighter ONDO	+0.0632%	1h	0.4555	+0.239%	$1.4M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4543	−0.034%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2552%	1h	0.4538	−0.135%	$257K	$129K	5x	as long as short