Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0979%/8h= +107.2% APRpaid last 24h −0.134%

Price spread now: Bybit against Kraken Futures−0.051%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$540.538% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.350%−$35 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now −0.051%, 7d avg −0.109%

Together, before fees−0.330%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Bybit is 0.057% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.109%. Mind the row above: over the last 7 days funding on this pair cost −0.350%, 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 -0.350% in total (about -18.3% 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	0.4542	−0.0879	get 0.0110% / 1h	51m 45s	$2.7M	$8.0M	50x
Short	Bybit ONDOUSDT	0.4540	0.0100	get 0.0050% / 4h	3h 51m	$73.3M	$120.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.051%Rate

Funding earned: $205.65
Price spread: −0.051% → −0.109%: $5.75
Slippage, 4 orders: −$32.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $157.62
Costs to cover: 0.538%
Break-even: 1.6 days

Slippage from Kraken Futures: live order book, 2 min ago; Bybit: live order book, 2 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	5.50 bp	12.3 bp −$12	19.6 bp −$196	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.10 bp	8.8 bp −$9	14.2 bp −$142	44.7 bp −$4,466	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	−0.0879%	1h	0.4542	long leg	$2.7M	$8.0M	50x
ApeX Omni ONDOUSDT	−0.0592%	1h	0.4571	+0.631%	$174K	$312K	50x	as long as short
Gate ONDO_USDT	−0.0306%	4h	0.4535	−0.162%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4539	−0.063%	$257K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4545	+0.059%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	+0.173%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.565%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4545	+0.059%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4547	+0.103%	$437K	$703K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4541	−0.023%	$40.1M	$26.0M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4541	−0.033%	$718K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4542	−0.007%	$68.0M	$226.1M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4540	−0.051%	$73.3M	$120.8M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4542	−0.007%	$17.6M	$79.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.283%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4550	+0.170%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4540	−0.051%	$48.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.117%	$14.0M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4537	−0.117%	$25.6M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4537	−0.117%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4541	−0.027%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4569	+0.584%	$812K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4572	+0.660%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.655%	$430K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4553	+0.235%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4543	+0.015%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	+0.037%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.345%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4542	−0.007%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4540	−0.059%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4539	−0.084%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4546	+0.070%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4555	+0.272%	$375	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4575	+0.717%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	+0.103%	$296K	$828K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4550	+0.169%	$3.3M	$3.3M	75x	as long as short
Lighter ONDO	+0.0504%	1h	0.4549	+0.144%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4550	+0.178%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4550	+0.175%	$2K	—	20x	as long as short