Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0987%/8h= +108.0% APRpaid last 24h −0.134%

Price spread now: Binance against Kraken Futures−0.001%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.338%−$34 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.001%, 7d avg −0.055%

Together, before fees−0.356%−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Binance is 0.054% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.055%. Mind the row above: over the last 7 days funding on this pair cost −0.338%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.338% in total (about -17.6% 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	Kraken Futures PF_ONDOUSD	0.4504	−0.0887	get 0.0111% / 1h	1m 11s	$2.7M	$8.0M	50x
Short	Binance ONDOUSDT	0.4504	0.0100	get 0.0050% / 4h	3h 01m	$67.0M	$223.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.001%Rate

Funding earned: $207.22
Price spread: −0.001% → −0.055%: $5.43
Slippage, 4 orders: −$34.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $158.4
Costs to cover: 0.542%
Break-even: 1.6 days

Slippage from Kraken Futures: live order book, 3 min ago; Binance: live order book, 12 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 Kraken Futures live order book, 3 min ago	7.69 bp	14.8 bp −$15	28.5 bp −$285	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	1.08 bp	8.4 bp −$8	14.9 bp −$149	52.1 bp −$5,210	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_ONDOUSDlong	−0.0887%	1h	0.4504	long leg	$2.7M	$8.0M	50x
dYdX ONDO-USD	0.0000%	1h	0.4514	+0.226%	$255K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4503	−0.023%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4504	−0.002%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+1.420%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4503	−0.023%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4508	+0.083%	$423K	$731K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4508	+0.088%	$710K	$2.1M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4504	−0.001%	$67.0M	$223.0M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4502	−0.045%	$72.3M	$119.7M	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	0.4502	−0.045%	$17.2M	$76.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4508	+0.090%	$72K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4507	+0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4503	−0.023%	$11.8M	$16.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4503	−0.023%	$47.3M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	−0.001%	$13.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4502	−0.045%	$25.5M	$38.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	+0.044%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4520	+0.357%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4505	+0.015%	$798K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4550	+1.021%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4579	+1.664%	$423K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4543	+0.865%	$169K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4509	+0.115%	$91K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	−0.001%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.288%	$133K	$496K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4510	+0.136%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4503	−0.016%	$408K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4503	−0.012%	$39K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0135%	4h	0.4506	+0.044%	$4.4M	$7.1M	50x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4541	+0.812%	$37K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4511	+0.153%	$371	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.754%	$297K	$806K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4498	−0.134%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0368%	1h	0.4511	+0.150%	$40.1M	$24.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0584% / S −0.0187%	1h	0.4503	−0.012%	$537K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4511	+0.161%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4507	+0.071%	$2K	—	20x	as long as short