Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0980%/8h= −107.3% APRpaid last 24h +0.134%

Price spread now: Kraken Futures against HTX−0.244%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1261.257% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 3 days (all we have)+0.327%+$33 · spread now −0.244%, 7d avg −0.075%

Together, before fees+0.599%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Kraken Futures is 0.169% cheaper against HTX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.075%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.272%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.272% in total (about 14.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4550	0.0100	pay 0.0050% / 4h	3h 02m	$134K	$492K	50x
Short	Kraken Futures PF_ONDOUSD	0.4539	−0.0880	pay 0.0110% / 1h	2m 48s	$2.7M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now −0.244%Rate

Funding earned: −$205.79
Price spread: −0.244% → −0.075%: −$16.85
Slippage, 4 orders: −$103.71
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$348.35
Costs to cover: 1.257%
Break-even: never at this rate

Slippage from HTX: live order book, 6 min ago; Kraken Futures: 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 HTX live order book, 6 min ago	35.74 bp	45.9 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	7.69 bp	21.6 bp −$22	37.3 bp −$373	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_ONDOUSDshort	−0.0880%	1h	0.4539	−0.244%	$2.7M	$7.9M	50x
dYdX ONDO-USD	0.0000%	1h	0.4553	+0.071%	$258K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4540	−0.220%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4540	−0.220%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.396%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4540	−0.220%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4548	−0.038%	$427K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4539	−0.238%	$715K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4536	−0.302%	$67.9M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4535	−0.330%	$73.0M	$119.3M	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	0.4534	−0.352%	$17.4M	$76.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	−0.136%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4547	−0.059%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4533	−0.374%	$11.9M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4537	−0.286%	$48.5M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4536	−0.308%	$14.0M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4533	−0.374%	$25.7M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4537	−0.286%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4540	−0.229%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	+0.564%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4596	+1.013%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4579	+0.637%	$423K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	+0.549%	$171K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4546	−0.095%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4540	−0.220%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4542	−0.176%	$472	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4550	long leg	$134K	$492K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4539	−0.242%	$4.4M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4552	+0.041%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4535	−0.325%	$413K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4543	−0.143%	$39K	$13K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4586	+0.782%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4552	+0.051%	$375	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4536	−0.308%	$297K	$805K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4540	−0.220%	$3.3M	$2.9M	75x	as long as short
Hyperliquid ONDO	+0.0376%	1h	0.4538	−0.262%	$40.4M	$24.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4540	−0.218%	$543K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4547	−0.066%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4544	−0.133%	$2K	—	20x	as long as short