Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1058%/8h= −115.8% APRpaid last 24h −0.311%

Price spread now: Orderly against Reya−0.110%54s7-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 Orderly

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 −$32 a day on $10k at the current rate, and Orderly is 0.110% 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 54 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	0.4316	0.1158	pay 0.0145% / 1h	33m 33s	$2K	—	20x
Short	Orderly PERP_ONDO_USDC	0.4311	0.0100	get 0.0050% / 4h	1h 33m	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.110%Rate

Funding earned: −$222.16
Price spread: −0.110% → 0.000%: −$11.02
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$245.18
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and 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_ONDOUSD	−0.0147%	1h	0.4313	−0.074%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4311	−0.106%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0005%	1h	0.4314	−0.038%	$242K	$136K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.845%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4320	+0.091%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4317	+0.029%	$346K	$895K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.052%	$773K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4319	+0.075%	$62.6M	$236.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4317	+0.029%	$67.4M	$124.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4317	+0.029%	$17.1M	$72.6M	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	0.4318	+0.045%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4317	+0.030%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4316	+0.006%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4317	+0.029%	$42.9M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4315	−0.018%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4315	−0.018%	$24.6M	$39.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4318	+0.052%	—	$23.4M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4316	+0.015%	$171K	$996K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.139%	$640K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.114%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4316	+0.013%	$406K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	+0.121%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4319	+0.082%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4311	−0.110%	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4312	−0.087%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4313	−0.064%	$448	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4322	+0.145%	$128K	$403K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4313	−0.064%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4318	+0.049%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4317	+0.028%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4315	−0.018%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0116%	1h	0.4318	+0.057%	$36.2M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4319	+0.080%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0214%	1h	0.4313	−0.064%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.261%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4316	+0.008%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4314	−0.041%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4313	−0.059%	$485K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1158%	1h	0.4316	long leg	$2K	—	20x