Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.114%

Price spread now: BingX against Coinbase International−0.206%7-day average −0.233% · you buy dearer than you sell

Net, funding: paid 7d − costs−$232as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1561.560% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.763%−$76 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.206%, 7d avg −0.233%

Together, before fees−0.733%−$73 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.027% dearer against Coinbase International than usual: you sell high and buy low (spread −0.206% now, against its 7-day average of −0.233%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.763% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4368	0.0272	pay 0.0034% / 1h	23m 56s	$248K	$725K	50x
Short	BingX ONDO-USDC	0.4359	0.0100	get 0.0050% / 4h	3h 23m	—	$761K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$36.12
Price spread: −0.206% → −0.233%: $2.67
Slippage, 4 orders: −$136.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$189.47
Costs to cover: 1.560%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 29 min ago; BingX: 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 Coinbase International live order book, 29 min ago	5.67 bp	17.3 bp −$17	43.8 bp −$438	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	2.29 bp	59.8 bp −$60	92.0 bp −$920	700.3 bp −$70.0K	969.6 bp −$484.8K

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	−0.0161%	1h	0.4356	−0.282%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4358	−0.233%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.579%	$888	$216K	5.5x	as long as short
dYdX ONDO-USD	+0.0059%	1h	0.4360	−0.179%	$247K	$129K	5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4362	−0.142%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4357	−0.252%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	−0.166%	$360K	$841K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4356	−0.268%	$62.9M	$230.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4355	−0.298%	$67.7M	$124.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	−0.343%	$17.1M	$72.1M	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	0.4372	+0.087%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4360	−0.173%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4357	−0.252%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4357	−0.252%	$43.1M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4357	−0.252%	$12.6M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4354	−0.321%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4359	−0.206%	—	$761K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4358	−0.227%	$183K	$980K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4364	−0.099%	$713K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	+0.020%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4379	+0.252%	$411K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4368	0.000%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	−0.195%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4359	−0.206%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4359	−0.206%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4377	+0.206%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4360	−0.183%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4359	−0.211%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4353	−0.348%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4360	−0.195%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4361	−0.156%	$359	$2K	10x	as long as short
Aster ONDOUSDT	+0.0171%	4h	0.4359	−0.206%	$787K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0207%	1h	0.4361	−0.153%	$37.4M	$24.4M	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0272%	1h	0.4368	long leg	$248K	$725K	50x
Phoenix ONDO	+0.0327%	1h	0.4377	+0.204%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	−0.069%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4359	−0.206%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0556% / S −0.0193%	1h	0.4357	−0.243%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4359	−0.214%	$2K	—	20x	as long as short