Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0970%/8h= −106.2% APRpaid last 24h +0.136%

Price spread now: Kraken Futures against Orderly+0.032%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 Kraken Futures

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. Kraken Futures is 0.032% dearer against Orderly than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4578	0.0098	pay 0.0049% / 4h	3h 38m	$25K	$6K	10x
Short	Kraken Futures PF_ONDOUSD	0.4579	−0.0872	pay 0.0109% / 1h	38m 01s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$203.76
Price spread: +0.032% → 0.000%: $3.23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$216.53
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 1 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 Kraken Futures live order book, 1 min ago	4.38 bp	15.6 bp −$16	29.3 bp −$293	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
Kraken Futures PF_ONDOUSDshort	−0.0872%	1h	0.4579	+0.032%	$2.8M	$8.0M	50x
Gate ONDO_USDT	−0.0026%	4h	0.4578	0.000%	$12.0M	$16.6M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4571	−0.147%	$259K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4579	+0.022%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4575	−0.063%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.218%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDClong	+0.0098%	4h	0.4578	long leg	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4577	−0.022%	$435K	$709K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4581	+0.060%	$723K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4583	+0.105%	$68.5M	$225.3M	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	0.4585	+0.153%	$74.3M	$120.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4588	+0.218%	$17.6M	$79.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4595	+0.365%	$76K	$90K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4576	−0.035%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4578	0.000%	$49.6M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4579	+0.022%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4588	+0.218%	$25.9M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4580	+0.044%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4582	+0.083%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4583	+0.105%	$819K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4583	+0.104%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4596	+0.400%	$426K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4581	+0.066%	$173K	$338K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4579	+0.020%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4575	−0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4579	+0.022%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4577	−0.022%	$134K	$497K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4578	0.000%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4570	−0.171%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4588	+0.219%	$409K	$836K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4581	+0.055%	$40K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0153%	1h	0.4587	+0.186%	$40.7M	$25.3M	10x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4577	−0.011%	$377	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	+0.149%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4578	0.000%	$297K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4573	−0.109%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0536%	1h	0.4587	+0.208%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4574	−0.085%	$546K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4575	−0.071%	$2K	—	20x	as long as short