Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.525%

Price spread now: Injective against Gate+3.489%7-day average −0.834% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.374%−$337 on $10k

Price spread, last 4 days (all we have)−3.866%−$387 · spread now +3.489%, 7d avg −0.834%

Together, before fees−7.241%−$724 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 4.322% dearer against Gate than usual: you sell high and buy low (spread +3.489% now, against its 7-day average of −0.834%): +$432 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7 months. At the pace of the last 7 days (−3.374% in total) that is about 9.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4414	0.0100	pay 0.0050% / 4h	1h 11m	$11.6M	$16.2M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	11m 06s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee InjectivebpOrdersPrice spread, now +3.489%Rate

Funding earned: −$14
Price spread: +3.489% → −0.834%: $432.24
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $403.22
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, 3 min ago; Injective: no order-book sample. Net counts fees only.

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 Gate live order book, 3 min ago	2.26 bp	17.1 bp −$17	33.6 bp −$336	48.5 bp −$4,847	79.6 bp −$39.8K
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX ONDO-USD	+0.0001%	1h	0.4409	−0.111%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4413	−0.025%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+3.489%	$888	$216K	5.5x
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4414	+0.004%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4414	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4416	+0.045%	$373K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4419	+0.113%	$64.3M	$225.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4417	+0.068%	$70.0M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4419	+0.113%	$17.1M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4401	−0.304%	$73K	$86K	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	0.4414	+0.011%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4414	long leg	$11.6M	$16.2M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4417	+0.068%	$47.7M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4415	+0.023%	$12.9M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4417	+0.068%	$25.2M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4416	+0.045%	—	$21.8M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4410	−0.099%	$714K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4418	+0.079%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4411	−0.068%	$407K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4417	+0.068%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4416	+0.039%	$67K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4416	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4416	+0.045%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.227%	$130K	$474K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4416	+0.045%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4410	−0.086%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4416	+0.037%	$398K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4417	+0.061%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0143%	1h	0.4420	+0.134%	$38.3M	$24.3M	10x	as long as short
Aster ONDOUSDT	+0.0184%	4h	0.4418	+0.085%	$711K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0185%	1h	0.4418	+0.088%	$192K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4427	+0.285%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4415	+0.023%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4419	+0.104%	$364	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.181%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4417	+0.068%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4412	−0.055%	$487K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4424	+0.217%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4414	+0.010%	$2K	—	20x	as long as short