Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.408%

Price spread now: Injective against KuCoin+5.302%7-day average −0.764% · you sell dearer than you buy

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.428%−$343 on $10k

Price spread, last 4 days (all we have)−6.045%−$604 · spread now +5.302%, 7d avg −0.764%

Together, before fees−9.472%−$947 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 6.066% dearer against KuCoin than usual: you sell high and buy low (spread +5.302% now, against its 7-day average of −0.764%): +$607 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 10 months. At the pace of the last 7 days (−3.428% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4338	0.0100	pay 0.0050% / 4h	2h 55m	$12.2M	$10.6M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	55m 03s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +5.302%Rate

Funding earned: −$14
Price spread: +5.302% → −0.764%: $606.57
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $580.55
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 8 min ago; Injective: 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 KuCoin live order book, 8 min ago	1.15 bp	16.1 bp −$16	39.6 bp −$396	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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_ONDOUSD	−0.0241%	1h	0.4335	−0.073%	$2.6M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4335	−0.064%	$248K	$133K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4338	0.000%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	−0.140%	$7K	—	150x	as long as short
01 Exchange ONDOUSD	+0.0032%	1h	0.4333	−0.127%	$357	$2K	10x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+5.302%	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4341	+0.071%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	−0.046%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4331	−0.150%	$351K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4341	+0.065%	$36.5M	$25.7M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4342	+0.085%	$62.4M	$234.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4339	+0.023%	$67.6M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4341	+0.069%	$17.1M	$72.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4346	+0.196%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4333	−0.120%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4338	0.000%	$12.0M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4339	+0.023%	$42.7M	$41.6M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4338	long leg	$12.2M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4340	+0.046%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4340	+0.046%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4340	+0.046%	$175K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4341	+0.063%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4336	−0.054%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4340	+0.046%	$407K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4339	+0.023%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	−0.136%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4333	−0.115%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	+0.023%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4342	+0.092%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4339	+0.023%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4333	−0.117%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4337	−0.016%	$389K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	+0.012%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0116%	4h	0.4343	+0.115%	$777K	$2.6M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4338	0.000%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4342	+0.083%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4339	+0.023%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4332	−0.130%	$482K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4332	−0.139%	$2K	—	20x	as long as short