Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.575%

Price spread now: Bybit against Injective−2.671%58s7-day average +0.889% · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+3.347%+$335 on $10k

Price spread, last 3 days (all we have)+3.479%+$348 · spread now −2.671%, 7d avg +0.889%

Together, before fees+6.826%+$683 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 3.559% cheaper against Injective than usual: you would sell low and buy high (spread −2.671% now, against its 7-day average of +0.889%). If the spread goes back, that is −$356 on $10k: about 6 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.347% in total) that is about 7.4 days. The two prices were read 58 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	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	46m 24s	$888	$216K	5.5x
Short	Bybit ONDOUSDT	0.4446	0.0100	get 0.0050% / 4h	2h 46m	$71.6M	$122.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −2.671%Rate

Funding earned: $14
Price spread: −2.671% → +0.889%: −$355.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$352.95
Costs to cover: 0.110%
Break-even: 183.5 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	1.12 bp	9.5 bp −$10	16.6 bp −$166	58.4 bp −$5,843	doesn't fit

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
Kraken Futures PF_ONDOUSD	−0.0359%	1h	0.4447	−2.650%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4452	−2.543%	$252K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4443	−2.739%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4445	−2.693%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4443	−2.736%	$405K	$780K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4447	−2.649%	$684K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4446	−2.678%	$65.5M	$227.9M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4446	−2.671%	$71.6M	$122.5M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4448	−2.627%	$17.1M	$76.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4464	−2.272%	$73K	$90K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4443	−2.729%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4444	−2.715%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4444	−2.715%	$44.9M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4443	−2.736%	$13.4M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4446	−2.671%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4445	−2.693%	—	$755K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4453	−2.520%	$202K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4446	−2.675%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4470	−2.136%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4470	−2.144%	$421K	$952K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4470	−2.145%	$165K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4446	−2.671%	$76K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4447	−2.649%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4448	−2.627%	$462	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4468	−2.189%	$131K	$500K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4450	−2.581%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4446	−2.663%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4449	−2.605%	$39K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0258%	1h	0.4449	−2.609%	$39.3M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4447	−2.638%	$366	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4469	−2.167%	$290K	$800K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4476	−2.025%	$36K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	−2.123%	$3.2M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0425%	1h	0.4447	−2.649%	$32K	$339K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0579% / S −0.0186%	1h	0.4444	−2.715%	$530K	—	100x	as long as short
Phemex ONDOUSDT	+0.0588%	4h	0.4458	−2.408%	$4.3M	$7.3M	50x	as long as short
Lighter ONDO	+0.0648%	1h	0.4454	−2.500%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4445	−2.687%	$2K	—	20x	as long as short