Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.100%

Price spread now: Coinbase International against edgeX+0.103%77s7-day average +0.212% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$650.654% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.812%+$81 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now +0.103%, 7d avg +0.212%

Together, before fees+0.943%+ Points / potential airdropedgeX: Active · farm board+$94 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.109% cheaper against edgeX than usual: you would sell low and buy high (spread +0.103% now, against its 7-day average of +0.212%). If the spread goes back, that is −$11 on $10k: about 2.0 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.812% in total) that is about 23 hours. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4314	0.0100	pay 0.0050% / 4h	12m 14s	$5K	$318K	20x
Short	Coinbase International ONDO-PERP-INTX	0.4318	0.0280	get 0.0035% / 1h	12m 14s	$213K	$731K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.103%Rate

Funding earned: $37.8
Price spread: +0.103% → +0.212%: −$10.91
Slippage, 4 orders: −$46.43
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$38.54
Costs to cover: 0.654%
Break-even: 14.1 days

Slippage from edgeX: live order book, 26 min ago; Coinbase International: live order book, 26 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 edgeX live order book, 26 min ago	4.63 bp	9.1 bp −$9	15.5 bp −$155	doesn't fit	doesn't fit
Sell Coinbase International live order book, 26 min ago	9.26 bp	14.5 bp −$14	52.1 bp −$521	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	−0.0176%	1h	0.4315	+0.033%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4318	+0.092%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.899%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.233%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	+0.213%	$346K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.210%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4320	+0.149%	$62.9M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4318	+0.103%	$68.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4318	+0.103%	$17.3M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4324	+0.231%	$71K	$80K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4319	+0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	+0.126%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4319	+0.126%	$44.0M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	+0.150%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4318	+0.103%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4320	+0.150%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.166%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4314	+0.007%	$678K	$1.9M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4314	long leg	$5K	$318K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	+0.034%	$403K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4311	−0.059%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4321	+0.177%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4317	+0.080%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4320	+0.150%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4317	+0.080%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4326	+0.289%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4317	+0.080%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4319	+0.135%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4315	+0.038%	$357K	$817K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4318	+0.103%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4317	+0.080%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4321	+0.163%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0280%	1h	0.4318	+0.103%	$213K	$731K	50x
Phoenix ONDO	+0.0315%	1h	0.4317	+0.089%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4319	+0.126%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0383%	1h	0.4325	+0.254%	$36.5M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4317	+0.075%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4321	+0.181%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1708%	1h	0.4318	+0.092%	$242K	$156K	5x	as long as short