Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1055%/8h= −115.5% APRpaid last 24h −0.308%

Price spread now: KuCoin against Reya−0.050%49s7-day average — · you buy dearer than you sell

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and KuCoin is 0.050% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 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	Reya ONDORUSDPERP	0.4338	0.1155	pay 0.0144% / 1h	3m 42s	$2K	—	20x
Short	KuCoin ONDOUSDTM	0.4336	0.0100	get 0.0050% / 4h	3h 03m	$12.2M	$10.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Reya. 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 ReyabpFee KuCoinbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$221.47
Price spread: −0.050% → 0.000%: −$5.02
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$244.5
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 10 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 Reya no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 10 min ago	2.30 bp	20.7 bp −$21	35.0 bp −$350	doesn't fit	doesn't fit

Reya: 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	−0.0162%	1h	0.4334	−0.091%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4336	−0.046%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.298%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4334	−0.108%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	−0.050%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4337	−0.033%	$358K	$862K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4338	−0.009%	$36.5M	$25.4M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4330	−0.180%	$62.4M	$233.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4328	−0.235%	$67.4M	$125.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4330	−0.189%	$17.0M	$72.3M	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	0.4344	+0.139%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4330	−0.193%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4329	−0.212%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4329	−0.212%	$42.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4336	−0.050%	$12.2M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4330	−0.189%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4330	−0.189%	—	$760K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4339	+0.010%	$176K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4334	−0.102%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	−0.250%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	−0.134%	$404K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	−0.189%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.005%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	−0.027%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4337	−0.027%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4343	+0.111%	$128K	$431K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.004%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4329	−0.220%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4327	−0.249%	$390K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	+0.016%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0130%	4h	0.4332	−0.142%	$776K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4338	−0.011%	$357	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4338	−0.004%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4341	+0.065%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4340	+0.051%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4330	−0.189%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4336	−0.051%	$482K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1155%	1h	0.4338	long leg	$2K	—	20x
dYdX ONDO-USD	+0.1193%	1h	0.4330	−0.182%	$248K	$133K	5x	as long as short