Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1060%/8h= −116.0% APRpaid last 24h −0.313%

Price spread now: Gate against Reya−0.085%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 Gate

What this pair did over the last

the charts below follow

Funding, last 4 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 −$32 a day on $10k at the current rate, and Gate is 0.085% cheaper against Reya than usual: you would sell low and buy high (−$9 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	0.4336	0.1160	pay 0.0145% / 1h	42m 32s	$2K	—	20x
Short	Gate ONDO_USDT	0.4332	0.0100	get 0.0050% / 4h	42m 32s	$12.8M	$15.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.085%Rate

Funding earned: −$222.55
Price spread: −0.085% → 0.000%: −$8.51
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$252.06
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Gate: 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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	1.15 bp	16.0 bp −$16	31.0 bp −$310	44.2 bp −$4,424	75.1 bp −$37.6K

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	−0.0176%	1h	0.4326	−0.217%	$2.5M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4331	−0.108%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4330	−0.131%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.358%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4339	+0.065%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	−0.051%	$348K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	−0.005%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4335	−0.015%	$62.8M	$233.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4335	−0.016%	$68.2M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4337	+0.030%	$17.3M	$71.9M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4333	−0.069%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4334	−0.050%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4332	−0.085%	$12.8M	$15.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4333	−0.062%	$44.0M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4329	−0.154%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4336	+0.007%	$24.7M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4331	−0.108%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	−0.124%	$177K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4338	+0.045%	$736K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4341	+0.116%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4335	−0.016%	$399K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	+0.053%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.046%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4330	−0.131%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4335	−0.016%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4329	−0.154%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4338	+0.053%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4328	−0.177%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4334	−0.043%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4333	−0.060%	$358K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4331	−0.101%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4336	+0.009%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4344	+0.192%	$215K	$733K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4339	+0.067%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4333	−0.062%	$3.1M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0344%	1h	0.4334	−0.039%	$36.5M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4332	−0.078%	$495K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1160%	1h	0.4336	long leg	$2K	—	20x
dYdX ONDO-USD	+0.1582%	1h	0.4330	−0.143%	$243K	$156K	5x	as long as short