Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0645%/8h= −70.6% APRpaid last 24h −0.683%

Price spread now: Injective against SunX−0.109%61s7-day average −0.980% · you buy dearer than you sell

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.418%−$342 on $10k

Price spread, last 3 days (all we have)−0.503%−$50 · spread now −0.109%, 7d avg −0.980%

Together, before fees−3.921%−$392 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.871% dearer against SunX than usual: you sell high and buy low (spread −0.109% now, against its 7-day average of −0.980%): +$87 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 4.5 days. At the pace of the last 7 days (−3.418% in total) that is about 43 hours. The two prices were read 61 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	SunX ONDO-USDT	0.4573	0.0100	pay 0.0050% / 4h	7m 53s	—	$1.4M	20x
Short	Injective ONDO/USDC PERP	0.4568	−0.0545	pay 0.0068% / 1h	7m 53s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.109%Rate

Funding earned: −$135.39
Price spread: −0.109% → −0.980%: $87.11
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$56.3
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 7 min ago; Injective: 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 SunX live order book, 7 min ago	47.10 bp	66.9 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0797%	1h	0.4574	+0.021%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERPshort	−0.0545%	1h	0.4568	−0.109%	$888	$216K	5.5x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4575	+0.044%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	+0.005%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4572	−0.022%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4573	0.000%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4579	+0.127%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4578	+0.105%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4574	+0.020%	$68.4M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4573	0.000%	$74.1M	$120.6M	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	0.4572	−0.022%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4576	+0.059%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4570	−0.074%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4573	0.000%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4572	−0.022%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4574	+0.022%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	0.000%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4574	+0.022%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4577	+0.090%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.222%	$803K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	−0.219%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	−0.251%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4563	−0.219%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	+0.083%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4573	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4575	+0.044%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4584	+0.241%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	+0.022%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4569	−0.077%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4571	−0.041%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	+0.044%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	−0.171%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4576	+0.063%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.066%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4568	−0.109%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4574	+0.017%	$545K	—	100x	as long as short
Lighter ONDO	+0.0672%	1h	0.4583	+0.225%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4574	+0.018%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2714%	1h	0.4569	−0.080%	$259K	$132K	5x	as long as short