Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.303%

Price spread now: Injective against Orderly+5.643%58s7-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 Injective

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

The price spread pays, funding is against you. Injective is 5.643% dearer against Orderly than usual: you sell high and buy low (spread +5.643% now, against zero (this spread has no 7-day history yet)): +$564 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9 months. The two prices were read 58 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	Orderly PERP_ONDO_USDC	0.4324	0.0100	pay 0.0050% / 4h	1h 07m	$23K	$6K	10x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	7m 36s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +5.643%Rate

Funding earned: −$14
Price spread: +5.643% → 0.000%: $564.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $544.27
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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	−0.0146%	1h	0.4325	+0.018%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4324	+0.008%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+5.643%	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4329	+0.116%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4324	−0.006%	$347K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4328	+0.090%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4328	+0.093%	$62.6M	$233.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4327	+0.069%	$67.8M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4324	0.000%	$17.2M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4327	+0.076%	$71K	$81K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4327	+0.065%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4323	−0.023%	$12.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4324	0.000%	$43.3M	$42.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4325	+0.023%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4325	+0.023%	$24.7M	$36.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4324	0.000%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4327	+0.065%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4332	+0.178%	$724K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4328	+0.096%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	−0.006%	$401K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4328	+0.093%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4327	+0.060%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4324	long leg	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4327	+0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4327	+0.069%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	+0.208%	$128K	$394K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4326	+0.046%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4324	+0.005%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4323	−0.028%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4329	+0.107%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0126%	1h	0.4324	+0.004%	$243K	$146K	5x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4330	+0.139%	$356	$2K	10x	as long as short
Hyperliquid ONDO	+0.0264%	1h	0.4329	+0.106%	$36.4M	$27.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.416%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4337	+0.298%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4328	+0.093%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0444%	1h	0.4327	+0.069%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4324	+0.008%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4326	+0.057%	$2K	—	20x	as long as short