Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0341%/8h= −37.3% APRpaid last 24h +0.049%

Price spread now: Kraken Futures against Bybit+0.002%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.335%+$34 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.002%, 7d avg +0.095%

Together, before fees+0.364%+$36 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 0.093% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.095%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.335%, 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	Bybit ONDOUSDT	0.4330	0.0100	pay 0.0050% / 4h	2h 45m	$67.4M	$124.9M	50x
Short	Kraken Futures PF_ONDOUSD	0.4330	−0.0241	pay 0.0030% / 1h	45m 58s	$2.6M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$71.6
Price spread: +0.002% → +0.095%: −$9.3
Slippage, 4 orders: −$29.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$131.46
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Bybit live order book, 3 min ago	1.15 bp	8.4 bp −$8	13.8 bp −$138	49.2 bp −$4,920	doesn't fit
Sell Kraken Futures live order book, 3 min ago	4.61 bp	19.4 bp −$19	29.1 bp −$291	399.7 bp −$40.0K	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	−0.0241%	1h	0.4330	+0.002%	$2.6M	$7.8M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4332	+0.046%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	+0.045%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.497%	$888	$216K	5.5x	as long as short
dYdX ONDO-USD	+0.0038%	1h	0.4333	+0.058%	$248K	$133K	5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4333	+0.062%	$357	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4336	+0.132%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4330	0.000%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4335	+0.104%	$351K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4334	+0.092%	$36.4M	$25.7M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4334	+0.100%	$777K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4333	+0.060%	$62.4M	$234.1M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4330	long leg	$67.4M	$124.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	+0.046%	$17.1M	$72.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	+0.051%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4332	+0.047%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4331	+0.023%	$12.1M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4332	+0.046%	$43.4M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4331	+0.023%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4333	+0.069%	$24.8M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4332	+0.046%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4332	+0.046%	$176K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4329	−0.029%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4339	+0.213%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	+0.261%	$400K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	+0.185%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4333	+0.065%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4333	+0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4332	+0.046%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4342	+0.277%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4333	+0.069%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4333	+0.066%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4331	+0.031%	$389K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4334	+0.081%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.370%	$218K	$767K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4342	+0.284%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4334	+0.092%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4331	+0.033%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4333	+0.063%	$2K	—	20x	as long as short