Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1571%/8h= +172.0% APRpaid last 24h +1.268%

Price spread now: dYdX against KuCoin+0.028%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs+$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1231.225% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.723%+$272 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.028%, 7d avg −0.032%

Together, before fees+2.665%+$267 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$47 a day on $10k at the current rate, and dYdX is 0.059% dearer against KuCoin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4295	0.0100	pay 0.0050% / 4h	20m 40s	$12.1M	$10.4M	50x
Short	dYdX ONDO-USD	0.4296	0.1671	get 0.0209% / 1h	20m 40s	$241K	$156K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.028%Rate

Funding earned: $329.82
Price spread: +0.028% → −0.032%: $5.91
Slippage, 4 orders: −$100.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $213.2
Costs to cover: 1.225%
Break-even: 2.5 days

Slippage from KuCoin: live order book, 8 min ago; dYdX: live order book, 18 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, 8 min ago	1.16 bp	16.2 bp −$16	39.0 bp −$390	doesn't fit	doesn't fit
Sell dYdX live order book, 18 min ago	34.48 bp	46.8 bp −$47	173.8 bp −$1,738	252.2 bp −$25.2K	857.9 bp −$429.0K

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	−0.0177%	1h	0.4293	−0.043%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4294	−0.035%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.356%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4299	+0.102%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4294	−0.012%	$343K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4298	+0.063%	$749K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4296	+0.023%	$62.5M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4295	0.000%	$67.5M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4297	+0.047%	$17.2M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	−0.040%	$71K	$80K	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	0.4295	0.000%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4294	−0.023%	$12.8M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4296	+0.023%	$43.5M	$42.5M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4295	long leg	$12.1M	$10.4M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4296	+0.023%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4296	+0.023%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4294	−0.019%	$173K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4292	−0.076%	$673K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.159%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4299	+0.082%	$396K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4302	+0.163%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4296	+0.016%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4294	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4294	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4294	−0.023%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4302	+0.163%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4296	+0.023%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4296	+0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4295	+0.008%	$352K	$802K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4297	+0.046%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4298	+0.063%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.419%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.352%	$35K	$221K	10x	as long as short
Hyperliquid ONDO	+0.0336%	1h	0.4299	+0.086%	$36.2M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4300	+0.116%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0449%	1h	0.4296	+0.023%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4293	−0.038%	$491K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4293	−0.041%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.1671%	1h	0.4296	+0.028%	$241K	$156K	5x