Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1039%/8h= −113.7% APRpaid last 24h −0.304%

Price spread now: BingX against Reya−0.039%7-day average — · you buy dearer than you sell

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

Long on Reya Short on BingX

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and BingX is 0.039% cheaper against Reya than usual: you would sell low and buy high (−$4 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	Reya ONDORUSDPERP	0.4524	0.1139	pay 0.0142% / 1h	28m 56s	$2K	—	20x
Short	BingX ONDO-USDT	0.4522	0.0100	get 0.0050% / 4h	2h 28m	—	$22.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Reya. 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 ReyabpFee BingXbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$218.1
Price spread: −0.039% → 0.000%: −$3.85
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$237.96
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BingX: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	2.21 bp	7.8 bp −$8	15.0 bp −$150	43.8 bp −$4,376	382.9 bp −$191.4K

Reya: 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	−0.1125%	1h	0.4522	−0.048%	$3.0M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4524	+0.006%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4522	−0.032%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4531	+0.156%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.039%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4523	−0.016%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4524	+0.017%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4524	+0.006%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4525	+0.025%	$66.6M	$220.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4524	+0.006%	$73.5M	$117.9M	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-SWAP	+0.0100%	4h	0.4524	+0.006%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4536	+0.262%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4525	+0.029%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4521	−0.061%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4523	−0.016%	$47.6M	$45.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4522	−0.039%	$13.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4524	+0.006%	$25.6M	$41.1M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4522	−0.039%	—	$22.7M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4526	+0.039%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	+0.101%	$783K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	+0.096%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4527	+0.065%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4529	+0.116%	$159K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4526	+0.043%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4521	−0.061%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4524	+0.006%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4533	+0.205%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4522	−0.039%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	−0.016%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4523	−0.012%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	+0.028%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0228%	1h	0.4529	+0.112%	$40.8M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.227%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4520	−0.083%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4529	+0.125%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4531	+0.163%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4522	−0.035%	$562K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1139%	1h	0.4524	long leg	$2K	—	20x
dYdX ONDO-USD	+0.9598%	1h	0.4520	−0.089%	$256K	$123K	5x	as long as short