Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0817%/8h= −89.4% APRpaid last 24h −0.237%

Price spread now: BloFin against Reya−0.114%46s7-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 BloFin

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 −$24 a day on $10k at the current rate, and BloFin is 0.114% cheaper against Reya than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	Reya ONDORUSDPERP	0.4354	0.1157	pay 0.0145% / 1h	12m 15s	$2K	—	20x
Short	BloFin ONDO-USDT	0.4349	0.0340	get 0.0170% / 4h	2h 12m	$3.1M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$171.47
Price spread: −0.114% → 0.000%: −$11.44
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$200.91
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	1.15 bp	7.2 bp −$7	10.1 bp −$101	33.0 bp −$3,298	120.6 bp −$60.3K

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	−0.0239%	1h	0.4358	+0.102%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4357	+0.067%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0010%	1h	0.4351	−0.062%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.915%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4363	+0.200%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4356	+0.046%	$350K	$885K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4357	+0.067%	$36.5M	$26.8M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4361	+0.167%	$783K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4360	+0.129%	$63.2M	$237.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4358	+0.092%	$68.1M	$126.5M	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	0.4360	+0.138%	$17.4M	$74.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	−0.505%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4352	−0.050%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4352	−0.046%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4359	+0.115%	$43.5M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4358	+0.092%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4359	+0.115%	$25.0M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4359	+0.115%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4360	+0.138%	$178K	$990K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4334	−0.464%	$639K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4338	−0.378%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4340	−0.318%	$403K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	−0.367%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4355	+0.019%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4359	+0.115%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4361	+0.161%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	+0.138%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4369	+0.345%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4358	+0.092%	$4.2M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4355	+0.025%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4359	+0.116%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4362	+0.182%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4353	−0.025%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4354	0.000%	$218K	$753K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	−0.181%	$35K	$223K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4349	−0.114%	$3.1M	$3.2M	75x
Deribit ONDO_USDC-PERPETUAL	+0.0438%	1h	0.4361	+0.161%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0202%	1h	0.4356	+0.055%	$496K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1157%	1h	0.4354	long leg	$2K	—	20x