Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.136%

Price spread now: Coinbase International against OKX−0.088%7-day average +0.251% · you buy dearer than you sell

Net, funding: paid 7d − costs+$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.799%+$80 on $10k

Price spread, last 3 days (all we have)+0.325%+$33 · spread now −0.088%, 7d avg +0.251%

Together, before fees+1.124%+$112 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.339% cheaper against OKX than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of +0.251%). If the spread goes back, that is −$34 on $10k: about 6.3 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.799% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4551	0.0100	pay 0.0050% / 4h	3h 50m	$17.6M	$79.3M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4547	0.0280	get 0.0035% / 1h	50m 48s	$296K	$816K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.088%Rate

Funding earned: $37.8
Price spread: −0.088% → +0.251%: −$33.93
Slippage, 4 orders: −$39.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$55.97
Costs to cover: 0.598%
Break-even: 17.4 days

Slippage from OKX: live order book, 3 min ago; Coinbase International: live order book, 23 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 OKX live order book, 3 min ago	1.10 bp	8.6 bp −$9	25.1 bp −$251	doesn't fit	doesn't fit
Sell Coinbase International live order book, 23 min ago	8.77 bp	13.8 bp −$14	41.9 bp −$419	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	−0.0879%	1h	0.4544	−0.159%	$2.7M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0224%	4h	0.4546	−0.110%	$11.9M	$16.5M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0103%	1h	0.4551	0.000%	$173K	$315K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4539	−0.253%	$257K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4544	−0.151%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.374%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4543	−0.176%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	−0.297%	$436K	$704K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4554	+0.068%	$40.2M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4544	−0.159%	$719K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4549	−0.038%	$68.1M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4550	−0.022%	$73.5M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4551	long leg	$17.6M	$79.3M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.092%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4537	−0.317%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4546	−0.110%	$48.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4546	−0.110%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4550	−0.022%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4551	0.000%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4544	−0.154%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.202%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	−0.054%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	+0.041%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4541	−0.222%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4545	−0.132%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	−0.154%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4553	+0.044%	$133K	$502K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4540	−0.249%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4546	−0.103%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4546	−0.099%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4546	−0.110%	$33K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4540	−0.235%	$374	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4554	+0.057%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0280%	1h	0.4547	−0.088%	$296K	$816K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.220%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0496%	1h	0.4552	+0.026%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4544	−0.163%	$542K	—	100x	as long as short
Phemex ONDOUSDT	+0.0912%	4h	0.4546	−0.110%	$4.5M	$7.0M	50x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4543	−0.181%	$2K	—	20x	as long as short