Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0516%/8h= +56.5% APRpaid last 24h +0.047%

Price spread now: BloFin against Kraken Futures+0.014%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now +0.014%, 7d avg −0.033%

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

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and BloFin is 0.047% 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 −0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.156% in total (about 8.1% 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	0.4340	−0.0176	get 0.0022% / 1h	36m 55s	$2.5M	$7.8M	50x
Short	BloFin ONDO-USDT	0.4341	0.0340	get 0.0170% / 4h	3h 36m	$3.2M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.014%Rate

Funding earned: $108.35
Price spread: +0.014% → −0.033%: $4.66
Slippage, 4 orders: −$28.41
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $62.6
Costs to cover: 0.504%
Break-even: 3.0 days

Slippage from Kraken Futures: live order book, 2 min ago; BloFin: live order book, 6 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, 2 min ago	2.31 bp	7.3 bp −$7	15.6 bp −$156	86.1 bp −$8,610	doesn't fit
Sell BloFin live order book, 6 min ago	2.31 bp	8.3 bp −$8	10.7 bp −$107	28.7 bp −$2,875	111.8 bp −$55.9K

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	−0.0176%	1h	0.4340	long leg	$2.5M	$7.8M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4340	−0.009%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4339	−0.034%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.244%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4344	+0.090%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	+0.002%	$346K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4337	−0.078%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	−0.140%	$63.3M	$233.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4334	−0.148%	$68.3M	$121.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.194%	$17.3M	$71.8M	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	0.4337	−0.074%	$71K	$79K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	−0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4334	−0.148%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4333	−0.171%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4336	−0.102%	$12.2M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4335	−0.125%	$24.9M	$36.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4334	−0.148%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4339	−0.044%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4327	−0.314%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4332	−0.201%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	−0.194%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	−0.217%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4339	−0.032%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4339	−0.032%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4340	−0.009%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4340	−0.009%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4349	+0.198%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4341	+0.014%	$4.3M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4340	−0.010%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4334	−0.146%	$363K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	+0.014%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	−0.009%	$214K	$720K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4340	−0.007%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4341	+0.025%	$357	$2K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4341	+0.014%	$3.2M	$3.2M	75x
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4339	−0.043%	$502K	—	100x	as long as short
Hyperliquid ONDO	+0.0616%	1h	0.4345	+0.098%	$36.6M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4340	−0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2846%	1h	0.4337	−0.069%	$243K	$155K	5x	as long as short