Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0967%/8h= −105.9% APRpaid last 24h +0.134%

Price spread now: Kraken Futures against KuCoin+0.041%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$770.768% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.278%+$28 on $10k

Price spread, last 3 days (all we have)−0.023%−$2 · spread now +0.041%, 7d avg +0.053%

Together, before fees+0.255%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: −$29 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.278%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.278% in total (about 14.5% 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	0.4606	0.0100	pay 0.0050% / 4h	3h 27m	$14.2M	$10.9M	50x
Short	Kraken Futures PF_ONDOUSD	0.4608	−0.0867	pay 0.0108% / 1h	27m 47s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$203.02
Price spread: +0.041% → +0.053%: −$1.12
Slippage, 4 orders: −$54.83
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$280.98
Costs to cover: 0.768%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Kraken Futures: live order book, 1 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, 6 min ago	2.17 bp	22.2 bp −$22	47.4 bp −$474	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	8.68 bp	19.3 bp −$19	30.4 bp −$304	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_ONDOUSDshort	−0.0867%	1h	0.4608	+0.041%	$2.8M	$8.0M	50x
dYdX ONDO-USD	0.0000%	1h	0.4609	+0.065%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4607	+0.024%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.825%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4608	+0.043%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4606	0.000%	$432K	$708K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4609	+0.062%	$728K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4605	−0.013%	$69.1M	$223.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4604	−0.043%	$74.4M	$119.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4605	−0.022%	$17.7M	$79.1M	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	0.4613	+0.156%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4605	−0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4604	−0.043%	$12.1M	$16.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4607	+0.022%	$50.2M	$41.7M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4606	long leg	$14.2M	$10.9M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4605	−0.022%	$26.1M	$39.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4605	−0.022%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4609	+0.065%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4597	−0.200%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4606	−0.001%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	−0.013%	$426K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4611	+0.109%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4611	+0.104%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4607	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4610	+0.087%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4618	+0.261%	$136K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4608	+0.043%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4611	+0.108%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4605	−0.022%	$417K	$838K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4612	+0.130%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4610	+0.087%	$34K	$353K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4603	−0.074%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4606	−0.009%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4631	+0.543%	$300K	$828K	50x	as long as short
Hyperliquid ONDO	+0.0308%	1h	0.4609	+0.067%	$41.0M	$25.5M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4603	−0.065%	$3.3M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4606	+0.005%	$550K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4618	+0.252%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4609	+0.055%	$2K	—	20x	as long as short