Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.083%

Price spread now: Kraken Futures against SunX−0.065%7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1701.701% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.065%, 7d avg +0.077%

Together, before fees+0.361%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.142% cheaper against SunX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.077%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4414	0.0100	pay 0.0050% / 4h	1h 34m	—	$1.4M	20x
Short	Kraken Futures PF_ONDOUSD	0.4411	0.0061	get 0.0008% / 1h	34m 15s	$2.6M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$8.17
Price spread: −0.065% → +0.077%: −$14.22
Slippage, 4 orders: −$152.08
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$192.47
Costs to cover: 1.701%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Kraken Futures: live order book, 5 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, 10 min ago	46.62 bp	65.8 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	4.55 bp	18.6 bp −$19	28.9 bp −$289	385.0 bp −$38.5K	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
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.247%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4408	−0.141%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.489%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSDshort	+0.0061%	1h	0.4411	−0.065%	$2.6M	$8.1M	50x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4409	−0.113%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.085%	$373K	$838K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4414	−0.002%	$64.1M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4410	−0.091%	$69.7M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4412	−0.045%	$17.0M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	−0.417%	$72K	$86K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4408	−0.142%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4406	−0.181%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4410	−0.091%	$46.9M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4409	−0.113%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4413	−0.023%	$25.2M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4410	−0.091%	—	$21.9M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.121%	$713K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4397	−0.391%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	−0.272%	$406K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4397	−0.385%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4411	−0.063%	$71K	$1.3M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4414	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4413	−0.023%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	+0.136%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4413	−0.023%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4412	−0.055%	$399K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	+0.011%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4408	−0.132%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0148%	4h	0.4412	−0.051%	$711K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0179%	1h	0.4415	+0.011%	$38.3M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0194%	1h	0.4416	+0.041%	$190K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4398	−0.372%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4415	+0.023%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4407	−0.159%	$283K	$703K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4415	+0.018%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0431%	1h	0.4411	−0.068%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4408	−0.135%	$486K	—	100x	as long as short
Lighter ONDO	+0.0880%	1h	0.4419	+0.111%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4411	−0.070%	$2K	—	20x	as long as short