Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.575%

Price spread now: Injective against OKX+2.101%88s7-day average −0.933% · you sell dearer than you buy

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.373%−$337 on $10k

Price spread, last 3 days (all we have)−2.778%−$278 · spread now +2.101%, 7d avg −0.933%

Together, before fees−6.151%−$615 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 3.034% dearer against OKX than usual: you sell high and buy low (spread +2.101% now, against its 7-day average of −0.933%): +$303 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. At the pace of the last 7 days (−3.373% in total) that is about 6.3 days. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4474	0.0100	pay 0.0050% / 4h	2h 49m	$17.2M	$76.7M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	49m 48s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +2.101%Rate

Funding earned: −$14
Price spread: +2.101% → −0.933%: $303.37
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $279.35
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 4 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 OKX live order book, 4 min ago	1.12 bp	10.3 bp −$10	25.5 bp −$255	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	−0.0357%	1h	0.4477	+0.074%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0132%	1h	0.4463	−0.246%	$165K	$356K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4468	−0.128%	$253K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4472	−0.040%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+2.101%	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4474	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4478	+0.089%	$408K	$779K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4477	+0.067%	$693K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4475	+0.022%	$66.0M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4474	0.000%	$72.1M	$122.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4474	long leg	$17.2M	$76.7M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4464	−0.219%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4475	+0.013%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4472	−0.045%	$11.7M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4474	0.000%	$46.0M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4473	−0.022%	$13.5M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4473	−0.022%	$25.3M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4473	−0.022%	—	$755K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4468	−0.138%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4457	−0.384%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4467	−0.156%	$420K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4478	+0.089%	$111K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4473	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4479	+0.112%	$466	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4487	+0.291%	$131K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4475	+0.012%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4474	+0.005%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4479	+0.105%	$39K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0106%	1h	0.4476	+0.034%	$203K	$1.0M	15x	as long as short
Hyperliquid ONDO	+0.0186%	1h	0.4478	+0.094%	$39.6M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0304%	1h	0.4481	+0.154%	$369	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4472	−0.045%	$291K	$802K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4470	−0.101%	$36K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4470	−0.089%	$3.2M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0420%	1h	0.4479	+0.112%	$33K	$339K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0582% / S −0.0186%	1h	0.4472	−0.040%	$534K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4475	+0.013%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0679%	4h	0.4477	+0.067%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4474	−0.005%	$2K	—	20x	as long as short