Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0331%/8h= +36.2% APRpaid last 24h +0.015%

Price spread now: Deribit against KuCoin+0.182%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.257%−$26 · spread now +0.182%, 7d avg +0.002%

Together, before fees−0.267%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.180% dearer against KuCoin than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% 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	KuCoin ONDOUSDTM	0.4399	0.0100	pay 0.0050% / 4h	3h 50m	$12.7M	$10.6M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4407	0.0431	get 0.0054% / 1h	50m 40s	$18K	$367K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.182%Rate

Funding earned: $69.51
Price spread: +0.182% → +0.002%: $17.99
Slippage, 4 orders: −$43.15
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $25.34
Costs to cover: 0.622%
Break-even: 4.4 days

Slippage from KuCoin: live order book, 3 min ago; Deribit: 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 KuCoin live order book, 3 min ago	2.27 bp	15.8 bp −$16	35.7 bp −$357	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	6.80 bp	10.3 bp −$10	doesn't fit	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_ONDOUSD	−0.0159%	1h	0.4401	+0.047%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4397	−0.036%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4406	+0.155%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.842%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4403	+0.084%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4405	+0.136%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4407	+0.188%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4400	+0.022%	$63.6M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4397	−0.045%	$68.2M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4398	−0.023%	$17.2M	$73.4M	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	0.4408	+0.207%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4396	−0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4397	−0.045%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4399	0.000%	$43.9M	$41.5M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4399	long leg	$12.7M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4397	−0.045%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4397	−0.045%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4404	+0.111%	$185K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4404	+0.108%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4407	+0.188%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4413	+0.318%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.227%	$136K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4407	+0.189%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4409	+0.227%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4404	+0.114%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4415	+0.364%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4402	+0.068%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4397	−0.044%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4396	−0.079%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4407	+0.193%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0184%	1h	0.4406	+0.150%	$363	$2K	10x	as long as short
Aster ONDOUSDT	+0.0228%	4h	0.4403	+0.098%	$783K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4408	+0.205%	$272K	$732K	50x	as long as short
Hyperliquid ONDO	+0.0301%	1h	0.4405	+0.130%	$37.9M	$24.6M	10x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4398	−0.023%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4407	+0.182%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0431%	1h	0.4407	+0.182%	$18K	$367K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4405	+0.132%	$486K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4407	+0.187%	$2K	—	20x	as long as short