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 +0.138%

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

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.088% cheaper against Orderly than usual: you would sell low and buy high (spread −0.088% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 39 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4540	0.0100	pay 0.0050% / 4h	3h 03m	$25K	$6K	10x
Short	Coinbase International ONDO-PERP-INTX	0.4536	0.0280	get 0.0035% / 1h	3m 17s	$297K	$805K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.088%Rate

Funding earned: $37.85
Price spread: −0.088% → 0.000%: −$8.81
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $13.04
Costs to cover: 0.160%
Break-even: 4.6 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 5 min ago	6.53 bp	22.1 bp −$22	67.4 bp −$674	doesn't fit	doesn't fit

Orderly: 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	−0.0880%	1h	0.4539	−0.024%	$2.7M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4553	+0.291%	$258K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4540	0.000%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4540	0.000%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.617%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4540	long leg	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4548	+0.182%	$427K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4546	+0.128%	$716K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4538	−0.053%	$68.0M	$221.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4536	−0.088%	$73.0M	$119.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4538	−0.044%	$17.4M	$76.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	+0.084%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4547	+0.161%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4541	+0.022%	$11.9M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4536	−0.088%	$48.5M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.066%	$14.0M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4540	0.000%	$25.8M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4539	−0.022%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4540	−0.009%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	+0.785%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4596	+1.236%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4579	+0.859%	$423K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	+0.771%	$171K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4546	+0.126%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4540	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4542	+0.044%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4550	+0.220%	$134K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4539	−0.022%	$4.4M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4552	+0.261%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4542	+0.043%	$413K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4543	+0.077%	$39K	$13K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4586	+1.004%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4552	+0.271%	$375	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0280%	1h	0.4536	−0.088%	$297K	$805K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4540	0.000%	$3.3M	$2.9M	75x	as long as short
Hyperliquid ONDO	+0.0376%	1h	0.4550	+0.222%	$40.5M	$24.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4540	+0.001%	$543K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4547	+0.154%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4544	+0.087%	$2K	—	20x	as long as short