Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.638%

Price spread now: Injective against BingX−0.868%7-day average −0.954% · you buy dearer than you sell

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.405%−$340 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.868%, 7d avg −0.954%

Together, before fees−3.194%−$319 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.086% dearer against BingX than usual: you sell high and buy low (spread −0.868% now, against its 7-day average of −0.954%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 7 days (−3.405% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ONDO-USDT	0.4608	0.0100	pay 0.0050% / 4h	3h 32m	—	$22.2M	—
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	32m 58s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −0.868%Rate

Funding earned: −$14
Price spread: −0.868% → −0.954%: $8.63
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$15.39
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 6 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 BingX live order book, 6 min ago	2.18 bp	9.7 bp −$10	14.2 bp −$142	39.5 bp −$3,954	347.7 bp −$173.9K
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	−0.0867%	1h	0.4607	−0.013%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4620	+0.260%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4601	−0.148%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	−0.868%	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4606	−0.043%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4611	+0.060%	$432K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4611	+0.065%	$728K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4612	+0.077%	$69.1M	$224.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4612	+0.087%	$74.7M	$120.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4615	+0.152%	$17.7M	$79.7M	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	0.4629	+0.460%	$76K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4616	+0.165%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4606	−0.043%	$12.1M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4609	+0.022%	$50.1M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4607	−0.022%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4616	+0.174%	$26.2M	$39.7M	50x	as long as short
BingX ONDO-USDTlong	+0.0100%	4h	0.4608	long leg	—	$22.2M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4609	+0.015%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4615	+0.147%	$820K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4629	+0.459%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4631	+0.501%	$429K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4606	−0.043%	$174K	$338K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4611	+0.074%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4609	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4608	0.000%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+0.109%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4610	+0.043%	$4.6M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4617	+0.192%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4607	−0.026%	$418K	$842K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4611	+0.054%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4608	0.000%	$34K	$363K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4636	+0.605%	$38K	$248K	10x	as long as short
Hyperliquid ONDO	+0.0255%	1h	0.4615	+0.143%	$41.1M	$25.5M	10x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4621	+0.289%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4631	+0.499%	$300K	$830K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4608	0.000%	$3.2M	$2.9M	75x	as long as short
Lighter ONDO	+0.0584%	1h	0.4616	+0.180%	$1.5M	$2.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4601	−0.151%	$550K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4609	+0.022%	$2K	—	20x	as long as short