Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.132%

Price spread now: Gate against Coinbase International+0.179%7-day average −0.259% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$930.925% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.804%−$80 on $10k

Price spread, last 3 days (all we have)−0.375%−$38 · spread now +0.179%, 7d avg −0.259%

Together, before fees−1.180%−$118 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.438% dearer against Coinbase International than usual: you sell high and buy low (spread +0.179% now, against its 7-day average of −0.259%): +$44 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4460	0.0328	pay 0.0041% / 1h	48m 30s	$290K	$800K	50x
Short	Gate ONDO_USDT	0.4468	0.0100	get 0.0050% / 4h	2h 48m	$11.7M	$15.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.179%Rate

Funding earned: −$47.88
Price spread: +0.179% → −0.259%: $43.85
Slippage, 4 orders: −$67.52
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$96.55
Costs to cover: 0.925%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 20 min ago; Gate: 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, 20 min ago	6.53 bp	33.8 bp −$34	83.6 bp −$836	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.12 bp	17.7 bp −$18	35.5 bp −$355	46.1 bp −$4,606	76.5 bp −$38.3K

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	−0.0357%	1h	0.4468	+0.178%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4470	+0.232%	$253K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4467	+0.157%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.422%	$888	$216K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0082%	1h	0.4469	+0.202%	$165K	$356K	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4468	+0.179%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4464	+0.078%	$407K	$780K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4469	+0.203%	$692K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4463	+0.073%	$65.8M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4462	+0.045%	$71.9M	$122.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4463	+0.067%	$17.2M	$76.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4464	+0.094%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4462	+0.046%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4468	+0.179%	$11.7M	$15.9M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4465	+0.112%	$46.5M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4466	+0.135%	$13.5M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4461	+0.022%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4461	+0.022%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4468	+0.175%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4457	−0.072%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4467	+0.157%	$420K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4466	+0.139%	$77K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4467	+0.157%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4469	+0.202%	$465	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4475	+0.336%	$131K	$500K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4466	+0.135%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4460	+0.004%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4471	+0.258%	$39K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0111%	1h	0.4471	+0.258%	$203K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0198%	1h	0.4470	+0.224%	$33K	$339K	25x	as long as short
Hyperliquid ONDO	+0.0219%	1h	0.4466	+0.143%	$39.5M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4466	+0.135%	$368	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4460	long leg	$290K	$800K	50x
Phoenix ONDO	+0.0338%	1h	0.4476	+0.348%	$36K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+0.247%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0186%	1h	0.4466	+0.133%	$533K	—	100x	as long as short
Lighter ONDO	+0.0624%	1h	0.4476	+0.363%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0679%	4h	0.4471	+0.247%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4461	+0.023%	$2K	—	20x	as long as short