Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.027%

Price spread now: gTrade (Gains Network) against Orderly−0.023%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.023% cheaper against Orderly than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4315	0.0100	pay 0.0050% / 4h	2h 36m	$23K	$6K	10x
Short	gTrade (Gains Network) ONDO/USD	0.4314	L +0.0003% / S −0.0011%	get 0.0001% / 1h	36m 39s	$7K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.023%Rate

Funding earned: −$18.76
Price spread: −0.023% → 0.000%: −$2.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$37.03
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and gTrade (Gains Network): 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	−0.0242%	1h	0.4317	+0.054%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USDshort	L +0.0003% / S −0.0011%	1h	0.4314	−0.023%	$7K	—	150x
dYdX ONDO-USD	+0.0021%	1h	0.4323	+0.193%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.863%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4316	+0.023%	$355	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	+0.271%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4314	−0.029%	$351K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4323	+0.190%	$36.1M	$25.8M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4326	+0.255%	$778K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4325	+0.232%	$62.2M	$235.3M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4323	+0.185%	$67.3M	$125.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4325	+0.232%	$17.2M	$73.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4314	−0.019%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4324	+0.215%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4324	+0.209%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4324	+0.209%	$43.0M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4321	+0.139%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4325	+0.232%	$24.8M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4325	+0.232%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.141%	$177K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	−0.189%	$646K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4303	−0.275%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	−0.228%	$404K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	−0.324%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4315	−0.005%	$68K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4315	long leg	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4315	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4320	+0.116%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4325	+0.232%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4321	+0.139%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4324	+0.211%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4325	+0.223%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4321	+0.133%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4318	+0.070%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.718%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	−0.051%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4317	+0.046%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4315	−0.010%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4315	−0.010%	$2K	—	20x	as long as short