Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.470%

Price spread now: Injective against SunX+4.197%7-day average −0.822% · you sell dearer than you buy

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.434%−$343 on $10k

Price spread, last 4 days (all we have)−4.626%−$463 · spread now +4.197%, 7d avg −0.822%

Together, before fees−8.060%−$806 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 5.019% dearer against SunX than usual: you sell high and buy low (spread +4.197% now, against its 7-day average of −0.822%): +$502 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 (−3.434% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4384	0.0100	pay 0.0050% / 4h	19m 20s	—	$1.4M	20x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	19m 20s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now +4.197%Rate

Funding earned: −$14
Price spread: +4.197% → −0.822%: $501.87
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $479.85
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: 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 SunX live order book, 5 min ago	46.64 bp	65.8 bp −$66	doesn't fit	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4382	−0.034%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4382	−0.036%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+4.197%	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4387	+0.071%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4382	−0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4385	+0.034%	$363K	$855K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4389	+0.119%	$37.7M	$24.7M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4385	+0.023%	$63.3M	$230.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4382	−0.046%	$67.7M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4384	0.000%	$17.1M	$73.1M	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	0.4398	+0.310%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4385	+0.017%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4383	−0.023%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4384	0.000%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4384	0.000%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4383	−0.023%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4384	0.000%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4385	+0.011%	$189K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	−0.007%	$711K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	+0.094%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	+0.137%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4387	+0.068%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4384	+0.009%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4384	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4384	0.000%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4401	+0.388%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4382	−0.046%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4383	−0.032%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4382	−0.044%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4386	+0.040%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0200%	1h	0.4386	+0.039%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0223%	4h	0.4385	+0.028%	$758K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0295%	1h	0.4384	+0.004%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4388	+0.091%	$271K	$728K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4387	+0.068%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4390	+0.137%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4385	+0.023%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4383	−0.033%	$521K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4384	+0.004%	$2K	—	20x	as long as short