Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.575%

Price spread now: Injective against BingX+3.583%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.405%−$340 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 3.583% dearer against BingX than usual: you sell high and buy low (spread +3.583% now, against zero (this spread has no 7-day history yet)): +$358 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6 months. At the pace of the last 7 days (−3.405% in total) that is about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ONDO-USDT	0.4410	0.0100	pay 0.0050% / 4h	2h 21m	—	$22.3M	—
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	21m 17s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now +3.583%Rate

Funding earned: −$14
Price spread: +3.583% → 0.000%: $358.28
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $334.26
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 2 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 BingX live order book, 2 min ago	2.26 bp	7.9 bp −$8	13.8 bp −$138	37.7 bp −$3,768	330.9 bp −$165.4K
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 38 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	−0.0362%	1h	0.4412	+0.042%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4416	+0.147%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4415	+0.110%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+3.583%	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4412	+0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4418	+0.193%	$387K	$860K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4419	+0.194%	$674K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4412	+0.045%	$64.0M	$231.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4411	+0.023%	$69.9M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4410	0.000%	$17.1M	$75.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4425	+0.331%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4416	+0.147%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4416	+0.136%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4411	+0.023%	$45.6M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4413	+0.068%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4411	+0.023%	$25.1M	$40.4M	50x	as long as short
BingX ONDO-USDTlong	+0.0100%	4h	0.4410	long leg	—	$22.3M	—
Variational Omni ONDO	+0.0100%	4h	0.4422	+0.267%	$770K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4416	+0.146%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4419	+0.193%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4416	+0.136%	$136K	$366K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4420	+0.218%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4415	+0.113%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	+0.113%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4426	+0.363%	$130K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4418	+0.178%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4413	+0.075%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	+0.113%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0131%	1h	0.4411	+0.025%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDO	+0.0294%	1h	0.4422	+0.274%	$39.0M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.272%	$284K	$745K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.345%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4420	+0.227%	$364	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4416	+0.136%	$23K	$349K	25x	as long as short
Phemex ONDOUSDT	+0.0516%	4h	0.4411	+0.023%	$4.2M	$7.4M	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4414	+0.100%	$487K	—	100x	as long as short
Lighter ONDO	+0.0776%	1h	0.4418	+0.188%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4419	+0.208%	$2K	—	20x	as long as short