Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.075%

Price spread now: Coinbase International against BloFin+0.745%58s7-day average +0.194% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.756% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.352%+$35 on $10k

Price spread, last 3 days (all we have)−0.456%−$46 · spread now +0.745%, 7d avg +0.194%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.551% dearer against BloFin than usual: you sell high and buy low (spread +0.745% now, against its 7-day average of +0.194%): +$55 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 days. Mind the row above: over the last 7 days funding on this pair paid +0.352%, so the current rate has only just turned against you. The two prices were read 58 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	BloFin ONDO-USDT	0.4561	0.0340	pay 0.0170% / 4h	1h 05m	$3.3M	$3.2M	75x
Short	Coinbase International ONDO-PERP-INTX	0.4595	0.0280	get 0.0035% / 1h	5m 44s	$301K	$862K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.745%Rate

Funding earned: −$12.6
Price spread: +0.745% → +0.194%: $55.14
Slippage, 4 orders: −$53.64
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$33.1
Costs to cover: 0.756%
Break-even: never at this rate

Slippage from BloFin: live order book, 8 min ago; Coinbase International: live order book, 13 min ago.

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 BloFin live order book, 8 min ago	6.57 bp	12.6 bp −$13	13.8 bp −$138	42.0 bp −$4,196	doesn't fit
Sell Coinbase International live order book, 13 min ago	9.80 bp	29.7 bp −$30	83.6 bp −$836	doesn't fit	doesn't fit

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	−0.0352%	1h	0.4567	+0.125%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4570	+0.199%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	+0.153%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	+0.186%	$432K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4567	+0.126%	$717K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4563	+0.044%	$67.8M	$226.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4562	+0.022%	$73.9M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4563	+0.044%	$17.8M	$81.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4551	−0.230%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	+0.217%	—	—	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	0.4560	−0.022%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4564	+0.066%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4564	+0.066%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4562	+0.022%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4563	+0.044%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4560	−0.024%	$786K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	+0.033%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.243%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4571	+0.219%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4576	+0.324%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	+0.263%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	+0.175%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4597	+0.789%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4566	+0.110%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4570	+0.207%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4563	+0.045%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4571	+0.223%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	+0.324%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0145%	1h	0.4566	+0.114%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.153%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.197%	$31K	$431K	25x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0280%	1h	0.4595	+0.745%	$301K	$862K	50x
BloFin ONDO-USDTlong	+0.0340%	4h	0.4561	long leg	$3.3M	$3.2M	75x
Hyperliquid ONDO	+0.0372%	1h	0.4566	+0.116%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4577	+0.349%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0187%	1h	0.4570	+0.206%	$545K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4576	+0.335%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4574	+0.276%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5659%	1h	0.4561	+0.004%	$258K	$129K	5x	as long as short