Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.129%

Price spread now: Bitget against Coinbase International−0.294%7-day average −0.226% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$780.776% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.817%−$82 on $10k

Price spread, last 3 days (all we have)+0.115%+$11 · spread now −0.294%, 7d avg −0.226%

Together, before fees−0.702%−$70 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 Bitget is 0.068% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.226%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4422	0.0328	pay 0.0041% / 1h	2m 36s	$284K	$707K	50x
Short	Bitget ONDOUSDT	0.4409	0.0100	get 0.0050% / 4h	2h 02m	$25.1M	$39.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.294%Rate

Funding earned: −$47.88
Price spread: −0.294% → −0.226%: −$6.81
Slippage, 4 orders: −$55.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$132.31
Costs to cover: 0.776%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 66 min ago; Bitget: live order book, 1 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, 66 min ago	6.53 bp	33.8 bp −$34	83.6 bp −$836	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.27 bp	11.5 bp −$12	18.1 bp −$181	70.5 bp −$7,049	doesn't fit

ONDO on 38 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	−0.0362%	1h	0.4411	−0.238%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.425%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4407	−0.341%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.302%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4410	−0.271%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.266%	$381K	$835K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4410	−0.280%	$671K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4409	−0.296%	$64.0M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4410	−0.271%	$69.9M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4411	−0.249%	$17.0M	$72.8M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.758%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4411	−0.246%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4407	−0.339%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4409	−0.294%	$46.7M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4407	−0.339%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4409	−0.294%	$25.1M	$39.5M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4411	−0.249%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.662%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.675%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.522%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.746%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4412	−0.228%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	−0.317%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	−0.204%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	−0.045%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	−0.237%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	−0.239%	$398K	$797K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4413	−0.204%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0172%	1h	0.4406	−0.357%	$196K	$989K	15x	as long as short
Phemex ONDOUSDT	+0.0175%	4h	0.4406	−0.362%	$4.2M	$7.5M	50x	as long as short
Hyperliquid ONDO	+0.0228%	1h	0.4410	−0.273%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4422	long leg	$284K	$707K	50x
Phoenix ONDO	+0.0338%	1h	0.4393	−0.658%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4415	−0.170%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4412	−0.226%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4406	−0.371%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4416	−0.138%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4409	−0.283%	$2K	—	20x	as long as short