Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0593%/8hpaid last 24h −0.220%

Price spread now: SunX against Kraken Futures+0.292%7-day average −0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1651.653% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.317%−$32 on $10k

Price spread, last 3 days (all we have)−0.368%−$37 · spread now +0.292%, 7d avg −0.084%

Together, before fees−0.685%−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and SunX is 0.376% dearer against Kraken Futures than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of −0.084%. Mind the row above: over the last 7 days funding on this pair cost −0.317%, 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 -0.317% in total (about -16.5% 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	0.4415	−0.0493	get 0.0062% / 1h	23m 36s	$2.9M	$7.1M	50x
Short	SunX ONDO-USDT	0.4428	0.0100	get 0.0050% / 4h	23m 36s	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.292%Rate

Funding earned: $124.54
Price spread: +0.292% → −0.084%: $37.6
Slippage, 4 orders: −$147.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$3.19
Costs to cover: 1.653%
Break-even: 7.2 days

Slippage from Kraken Futures: live order book, 5 min ago; SunX: live order book, 5 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, 5 min ago	3.40 bp	19.6 bp −$20	27.7 bp −$277	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	46.47 bp	66.5 bp −$66	doesn't fit	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_ONDOUSDlong	−0.0493%	1h	0.4415	long leg	$2.9M	$7.1M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4424	+0.202%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4428	+0.284%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4419	+0.084%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4429	+0.321%	$455K	$634K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4424	+0.199%	$65.6M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4418	+0.066%	$69.5M	$114.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4420	+0.111%	$17.3M	$78.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4431	+0.367%	$73K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4425	+0.220%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4420	+0.111%	$11.6M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4420	+0.111%	$49.6M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4419	+0.088%	$13.4M	$9.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4423	+0.179%	$25.0M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4419	+0.088%	—	$759K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4422	+0.152%	$235K	$942K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4412	−0.059%	$762K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4423	+0.182%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4428	+0.287%	$419K	$792K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4425	+0.224%	$156K	$352K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4424	+0.197%	$71K	$996K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4426	+0.247%	$24K	$8K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4428	+0.292%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4419	+0.088%	$459	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4436	+0.473%	$109K	$526K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4423	+0.179%	$4.9M	$5.8M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4421	+0.144%	$386K	$946K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4421	+0.145%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4410	−0.104%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	+0.020%	$994	$82K	5.5x	as long as short
Aster ONDOUSDT	+0.0145%	4h	0.4424	+0.212%	$746K	$1.8M	20x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4425	+0.233%	$364	$1K	10x	as long as short
Hyperliquid ONDO	+0.0305%	1h	0.4425	+0.220%	$39.2M	$26.2M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4427	+0.270%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0536%	1h	0.4429	+0.308%	$1.2M	$1.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4436	+0.473%	$331K	$753K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0600% / S −0.0200%	1h	0.4427	+0.273%	$545K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1134%	1h	0.4423	+0.183%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.1335%	1h	0.4421	+0.140%	$250K	$116K	5x	as long as short