Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.151%

Price spread now: Coinbase International against SunX+0.265%7-day average +0.239% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$189as in the Price arb table

costs, in and out, $10k−$1921.919% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.754%+$75 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now +0.265%, 7d avg +0.239%

Together, before fees+0.713%+$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.027% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.239%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4522	0.0100	pay 0.0050% / 4h	2h 35m	—	$1.4M	20x
Short	Coinbase International ONDO-PERP-INTX	0.4534	0.0328	get 0.0041% / 1h	35m 51s	$305K	$841K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.265%Rate

Funding earned: $47.88
Price spread: +0.265% → +0.239%: $2.67
Slippage, 4 orders: −$173.87
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$141.33
Costs to cover: 1.919%
Break-even: 27.7 days

Slippage from SunX: live order book, 9 min ago; Coinbase International: live order book, 52 min ago.

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 SunX live order book, 9 min ago	47.62 bp	70.9 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 52 min ago	14.46 bp	23.0 bp −$23	72.2 bp −$722	doesn't fit	doesn't fit

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	−0.1124%	1h	0.4523	+0.026%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	+0.066%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	−0.029%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.027%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	0.000%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	+0.083%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4525	+0.066%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4524	+0.036%	$66.5M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4524	+0.044%	$73.4M	$117.8M	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	0.4523	+0.022%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.195%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4522	+0.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4522	0.000%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4523	+0.022%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4523	+0.022%	$13.8M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4525	+0.066%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4524	+0.044%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4523	+0.029%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.055%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.088%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	+0.021%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	−0.022%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4525	+0.066%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4522	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4523	+0.022%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	+0.199%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4520	−0.044%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4522	−0.009%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4522	0.000%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	+0.066%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0149%	1h	0.4528	+0.124%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0328%	1h	0.4534	+0.265%	$305K	$841K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4530	+0.177%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4526	+0.088%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4531	+0.199%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	−0.027%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	+0.035%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9907%	1h	0.4528	+0.136%	$256K	$123K	5x	as long as short