Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Nado against BloFin−0.097%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now −0.097%, 7d avg −0.037%

Together, before fees−0.137%+ Points / potential airdropNado: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Nado is 0.060% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4387	0.0340	pay 0.0170% / 4h	12m 34s	$3.1M	$3.0M	75x
Short	Nado ONDO-PERP	0.4383	0.0100	get 0.0012% / 1h	12m 34s	$362K	$849K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BloFin. 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 BloFinbpFee NadobpOrdersPrice spread, now −0.097%Rate

Funding earned: −$50.4
Price spread: −0.097% → −0.037%: −$5.97
Slippage, 4 orders: −$21.56
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$96.93
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Nado: live order book, 46 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 BloFin live order book, 6 min ago	3.42 bp	15.5 bp −$15	19.4 bp −$194	44.1 bp −$4,412	doesn't fit
Sell Nado live order book, 46 min ago	1.38 bp	5.8 bp −$6	24.5 bp −$245	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4385	−0.050%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4386	−0.033%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.126%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4386	−0.021%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4386	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4383	−0.097%	$362K	$849K	10x
Binance ONDOUSDT	+0.0100%	4h	0.4383	−0.091%	$63.3M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4380	−0.160%	$67.7M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4383	−0.091%	$17.1M	$73.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4379	−0.182%	$72K	$84K	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	0.4381	−0.131%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4381	−0.137%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4383	−0.091%	$44.4M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4382	−0.114%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4383	−0.091%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4382	−0.114%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4387	−0.005%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4377	−0.234%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	−0.198%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	−0.204%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4378	−0.205%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4385	−0.041%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4389	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4388	+0.023%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4394	+0.160%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4388	+0.023%	$4.2M	$7.8M	50x	as long as short
Hyperliquid ONDO	+0.0101%	1h	0.4386	−0.017%	$37.7M	$24.8M	10x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4382	−0.115%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4382	−0.107%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4390	+0.069%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4384	−0.068%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0217%	4h	0.4384	−0.068%	$758K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0251%	1h	0.4381	−0.132%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4389	+0.046%	$272K	$729K	50x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4387	long leg	$3.1M	$3.0M	75x
Phoenix ONDO	+0.0365%	1h	0.4382	−0.107%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4389	+0.046%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4384	−0.063%	$521K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4387	−0.006%	$2K	—	20x	as long as short