Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.575%

Price spread now: Injective against KuCoin+3.936%55s7-day average −0.942% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.419%−$342 on $10k

Price spread, last 3 days (all we have)−4.761%−$476 · spread now +3.936%, 7d avg −0.942%

Together, before fees−8.181%−$818 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 4.878% dearer against KuCoin than usual: you sell high and buy low (spread +3.936% now, against its 7-day average of −0.942%): +$488 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8 months. At the pace of the last 7 days (−3.419% in total) that is about 10.0 days. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4395	0.0100	pay 0.0050% / 4h	2h 38m	$13.1M	$11.2M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	38m 25s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +3.936%Rate

Funding earned: −$14
Price spread: +3.936% → −0.942%: $487.84
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $461.82
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

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, 5 min ago	1.13 bp	7.1 bp −$7	7.5 bp −$75	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0363%	1h	0.4400	+0.117%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4399	+0.082%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4390	−0.112%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+3.936%	$888	$216K	5.5x
Nado ONDO-PERP	+0.0100%	1h	0.4395	+0.011%	$396K	$854K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4396	+0.018%	$684K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4394	−0.031%	$64.0M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4393	−0.046%	$69.9M	$125.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4397	+0.046%	$17.0M	$75.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	+0.007%	$72K	$88K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.072%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4398	+0.068%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4397	+0.046%	$43.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4395	long leg	$13.1M	$11.2M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4396	+0.023%	$24.9M	$40.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4395	0.000%	—	$760K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4403	+0.180%	$198K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	+0.132%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.957%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.160%	$406K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.887%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.052%	$92K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4408	+0.296%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	+0.296%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4400	+0.114%	$457	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4418	+0.523%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4395	+0.007%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	+0.068%	$398K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.341%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4410	+0.341%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0243%	1h	0.4400	+0.114%	$38.8M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4393	−0.050%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4401	+0.137%	$282K	$788K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.692%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.729%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4389	−0.132%	$484K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4409	+0.314%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0972%	4h	0.4399	+0.091%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4397	+0.040%	$2K	—	20x	as long as short