Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.119%

Price spread now: Coinbase International against Orderly+0.664%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.664% dearer against Orderly than usual: you sell high and buy low: +$66 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4365	0.0100	pay 0.0050% / 4h	51m 04s	$24K	$6K	10x
Short	Coinbase International ONDO-PERP-INTX	0.4394	0.0328	get 0.0041% / 1h	51m 04s	$276K	$719K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.664%Rate

Funding earned: $47.98
Price spread: +0.664% → 0.000%: $66.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $98.42
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 7 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 7 min ago	12.60 bp	17.6 bp −$18	59.7 bp −$597	doesn't fit	doesn't fit

Orderly: 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4365	−0.009%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0017%	1h	0.4367	+0.051%	$247K	$129K	5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4365	−0.009%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.651%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4365	long leg	$24K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4367	+0.052%	$370K	$842K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4369	+0.101%	$37.6M	$24.4M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4371	+0.139%	$63.0M	$228.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4368	+0.069%	$69.2M	$123.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4369	+0.092%	$16.9M	$71.3M	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	0.4386	+0.490%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4366	+0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4365	0.000%	$11.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4369	+0.092%	$47.2M	$41.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4368	+0.069%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4369	+0.092%	$25.0M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4369	+0.092%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4369	+0.087%	$188K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	−0.006%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.566%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.551%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4387	+0.504%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4367	+0.041%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4367	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4367	+0.046%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4375	+0.229%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4367	+0.046%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4368	+0.065%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4365	+0.007%	$397K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4368	+0.069%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4367	+0.046%	$23K	$346K	25x	as long as short
Aster ONDOUSDT	+0.0209%	4h	0.4369	+0.081%	$733K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4366	+0.016%	$359	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0328%	1h	0.4394	+0.664%	$276K	$719K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4365	0.000%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4378	+0.305%	$35K	$223K	10x	as long as short
Lighter ONDO	+0.0568%	1h	0.4370	+0.119%	$1.1M	$2.4M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0224%	1h	0.4365	−0.003%	$526K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4367	+0.040%	$2K	—	20x	as long as short