Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.110%

Price spread now: HTX against Coinbase International−0.943%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$1071.068% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.743%−$74 on $10k

Price spread, last 4 days (all we have)+0.651%+$65 · spread now −0.943%, 7d avg −0.070%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and HTX is 0.874% cheaper against Coinbase International than usual: you would sell low and buy high (−$87 if the spread goes back to its 7-day average of −0.070%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4346	0.0272	pay 0.0034% / 1h	26m 11s	$218K	$763K	50x
Short	HTX ONDO-USDT	0.4305	0.0100	get 0.0050% / 4h	2h 26m	$127K	$429K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.943%Rate

Funding earned: −$36.12
Price spread: −0.943% → −0.070%: −$87.38
Slippage, 4 orders: −$84.84
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$230.34
Costs to cover: 1.068%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 22 min ago; HTX: live order book, 22 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, 22 min ago	8.07 bp	26.2 bp −$26	79.1 bp −$791	doesn't fit	doesn't fit
Sell HTX live order book, 22 min ago	10.35 bp	16.3 bp −$16	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.0243%	1h	0.4294	−1.199%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4295	−1.179%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0015%	1h	0.4297	−1.132%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.108%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0088%	1h	0.4296	−1.141%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4299	−1.072%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4298	−1.093%	$348K	$877K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4294	−1.185%	$35.8M	$26.5M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4299	−1.081%	$768K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4297	−1.127%	$61.9M	$236.0M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4294	−1.197%	$67.0M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4292	−1.243%	$17.1M	$72.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4295	−1.162%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4297	−1.133%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4295	−1.173%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4296	−1.150%	$42.3M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4296	−1.150%	$11.9M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4293	−1.220%	$24.6M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4292	−1.243%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4294	−1.190%	$176K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4294	−1.201%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4308	−0.885%	$4K	$314K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	−0.940%	$404K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4307	−0.897%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4298	−1.109%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4295	−1.173%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4299	−1.081%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4295	−1.173%	$446	$13K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4305	−0.943%	$127K	$429K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4298	−1.104%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4296	−1.141%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4294	−1.195%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4298	−1.095%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0272%	1h	0.4346	long leg	$218K	$763K	50x
Phoenix ONDO	+0.0332%	1h	0.4309	−0.856%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4301	−1.035%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0449%	1h	0.4297	−1.127%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4294	−1.185%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4297	−1.133%	$2K	—	20x	as long as short