Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0339%/8h= −37.2% APRpaid last 24h +0.049%

Price spread now: Kraken Futures against Binance−0.068%54s7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.576% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.324%+$32 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.068%, 7d avg +0.045%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Kraken Futures is 0.113% cheaper against Binance than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.324%, so the current rate has only just turned against you. 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	Binance ONDOUSDT	0.4360	0.0100	pay 0.0050% / 4h	2h 04m	$63.4M	$238.4M	75x
Short	Kraken Futures PF_ONDOUSD	0.4357	−0.0239	pay 0.0030% / 1h	4m 19s	$2.6M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$71.28
Price spread: −0.068% → +0.045%: −$11.28
Slippage, 4 orders: −$37.65
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$140.21
Costs to cover: 0.576%
Break-even: never at this rate

Slippage from Binance: live order book, 9 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 Binance live order book, 9 min ago	1.15 bp	8.0 bp −$8	14.1 bp −$141	48.6 bp −$4,858	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.73 bp	23.7 bp −$24	33.1 bp −$331	514.9 bp −$51.5K	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
Kraken Futures PF_ONDOUSDshort	−0.0239%	1h	0.4357	−0.068%	$2.6M	$7.8M	50x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4356	−0.090%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0009%	1h	0.4357	−0.078%	$245K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.771%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4361	+0.034%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4358	−0.046%	$348K	$895K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4363	+0.064%	$36.9M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4362	+0.035%	$778K	$2.7M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4360	long leg	$63.4M	$238.4M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4357	−0.069%	$68.0M	$126.5M	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	0.4358	−0.046%	$17.3M	$74.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4357	−0.076%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4357	−0.058%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4358	−0.046%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4359	−0.023%	$43.4M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4358	−0.046%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4360	0.000%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4359	−0.023%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4360	0.000%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.109%	$647K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4364	+0.085%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4362	+0.046%	$407K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.023%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	−0.002%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4358	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4360	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	0.000%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4366	+0.138%	$130K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4358	−0.046%	$4.2M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4357	−0.069%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4357	−0.069%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4362	+0.055%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4360	+0.009%	$359	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.138%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4371	+0.250%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4361	+0.023%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4359	−0.023%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0202%	1h	0.4356	−0.083%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4358	−0.036%	$2K	—	20x	as long as short