Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0343%/8h= +37.6% APRpaid last 24h +0.018%

Price spread now: Deribit against KuCoin−0.092%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$560.556% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.092%, 7d avg −0.002%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.090% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.002%). If the spread goes back, that is −$9 on $10k: about 21 hours of funding at the current rate (+$10 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.1% 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	KuCoin ONDOUSDTM	0.4334	0.0100	pay 0.0050% / 4h	1h 26m	$12.0M	$10.5M	50x
Short	Deribit ONDO_USDC-PERPETUAL	0.4330	0.0443	get 0.0055% / 1h	26m 41s	$18K	$362K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.092%Rate

Funding earned: $72.03
Price spread: −0.092% → −0.002%: −$9.01
Slippage, 4 orders: −$36.63
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $7.4
Costs to cover: 0.556%
Break-even: 6.3 days

Slippage from KuCoin: live order book, 2 min ago; Deribit: live order book, 17 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 KuCoin live order book, 2 min ago	2.32 bp	17.4 bp −$17	39.3 bp −$393	doesn't fit	doesn't fit
Sell Deribit live order book, 17 min ago	6.92 bp	10.4 bp −$10	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_ONDOUSD	−0.0146%	1h	0.4326	−0.174%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	−0.391%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0004%	1h	0.4322	−0.271%	$243K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.399%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4337	+0.076%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4326	−0.173%	$347K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	+0.025%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4336	+0.036%	$62.6M	$235.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4336	+0.046%	$67.8M	$124.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4336	+0.046%	$17.2M	$72.6M	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	0.4334	+0.009%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4328	−0.141%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4333	−0.023%	$12.5M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4336	+0.046%	$43.3M	$42.7M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4334	long leg	$12.0M	$10.5M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4336	+0.046%	$24.8M	$38.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4338	+0.092%	—	$773K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4328	−0.134%	$172K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4313	−0.490%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.305%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	−0.436%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4322	−0.277%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4330	−0.099%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4326	−0.185%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4329	−0.115%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4329	−0.115%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4335	+0.023%	$128K	$401K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4326	−0.185%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4336	+0.057%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	+0.057%	$391K	$786K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4331	−0.062%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0125%	1h	0.4335	+0.020%	$36.3M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0184%	1h	0.4341	+0.162%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	−0.162%	$214K	$725K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4318	−0.362%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4326	−0.185%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0443%	1h	0.4330	−0.092%	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4327	−0.172%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4318	−0.363%	$2K	—	20x	as long as short