Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.1034%/8hnext payment −$1.29 per $10,000 · paid last 24h −0.293%

Price spread now: Nado against Reya+0.106%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Nado

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 · Nado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Nado is 0.106% dearer against Reya than usual: you sell high and buy low (spread +0.106% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ONDORUSDPERP	0.4425	0.1134	pay 0.0142% / 1h	23m 40s	$2K	—	20x
Short	Nado ONDO-PERP	0.4429	0.0100	get 0.0012% / 1h	23m 40s	$455K	$634K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Reya. 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 ReyabpFee NadobpOrdersPrice spread, now +0.106%Rate

Funding earned: −$217.23
Price spread: +0.106% → 0.000%: $10.59
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$219.64
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Nado: live order book, 8 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 Nado live order book, 8 min ago	0.91 bp	7.3 bp −$7	23.2 bp −$232	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	−0.0493%	1h	0.4415	−0.214%	$2.9M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4424	−0.013%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4428	+0.070%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4419	−0.130%	$6K	$9	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4429	+0.106%	$455K	$634K	10x
Binance ONDOUSDT	+0.0100%	4h	0.4421	−0.091%	$65.6M	$221.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4416	−0.194%	$69.5M	$114.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4420	−0.103%	$17.3M	$78.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4431	+0.152%	$73K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4431	+0.153%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4419	−0.126%	$11.6M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4420	−0.103%	$49.6M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4419	−0.126%	$13.4M	$9.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4422	−0.058%	$25.0M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4419	−0.126%	—	$759K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4422	−0.062%	$235K	$942K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4412	−0.273%	$762K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4417	−0.172%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4410	−0.328%	$406K	$780K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4410	−0.329%	$155K	$352K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4430	+0.118%	$71K	$996K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4426	+0.032%	$24K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4428	+0.078%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4419	−0.126%	$459	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4436	+0.258%	$109K	$526K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4423	−0.035%	$4.9M	$5.8M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4423	−0.036%	$386K	$946K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4421	−0.069%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4410	−0.318%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	−0.194%	$994	$82K	5.5x	as long as short
Aster ONDOUSDT	+0.0145%	4h	0.4425	0.000%	$746K	$1.8M	20x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4433	+0.197%	$365	$1K	10x	as long as short
Hyperliquid ONDO	+0.0305%	1h	0.4425	+0.005%	$39.2M	$26.2M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4427	+0.055%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0536%	1h	0.4429	+0.093%	$1.2M	$1.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4436	+0.258%	$331K	$753K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0600% / S −0.0200%	1h	0.4427	+0.059%	$545K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1134%	1h	0.4425	long leg	$2K	—	20x
dYdX ONDO-USD	+1.1335%	1h	0.4421	−0.074%	$250K	$116K	5x	as long as short