Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1141%/8h= −124.9% APRpaid last 24h +0.090%

Price spread now: Kraken Futures against BloFin+0.114%57s7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$560.560% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 3 days (all we have)−0.114%−$11 · spread now +0.114%, 7d avg +0.035%

Together, before fees−0.231%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.079% dearer against BloFin than usual: you sell high and buy low (spread +0.114% now, against its 7-day average of +0.035%): +$8 on $10k if it goes back. Holding the pair costs −$34 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.118% in total) that is about 4.7 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.118% in total (about -6.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4548	0.0340	pay 0.0170% / 4h	37m 54s	$3.3M	$3.1M	75x
Short	Kraken Futures PF_ONDOUSD	0.4553	−0.0801	pay 0.0100% / 1h	37m 54s	$2.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$239.62
Price spread: +0.114% → +0.035%: $7.85
Slippage, 4 orders: −$34.02
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$287.78
Costs to cover: 0.560%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Kraken Futures: live order book, 1 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, 5 min ago	1.10 bp	7.5 bp −$8	14.0 bp −$140	38.3 bp −$3,827	doesn't fit
Sell Kraken Futures live order book, 1 min ago	5.49 bp	23.0 bp −$23	33.2 bp −$332	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_ONDOUSDshort	−0.0801%	1h	0.4553	+0.114%	$2.8M	$8.1M	50x
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.440%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4551	+0.075%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4551	+0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4555	+0.154%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4555	+0.149%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4553	+0.107%	$68.2M	$228.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4552	+0.088%	$73.7M	$123.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4552	+0.088%	$17.7M	$81.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	−0.086%	$74K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4554	+0.126%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4550	+0.044%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4552	+0.088%	$49.3M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4554	+0.132%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4554	+0.132%	$25.7M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4552	+0.088%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4559	+0.240%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	+0.154%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4556	+0.186%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4560	+0.264%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4556	+0.182%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	+0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4553	+0.110%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4564	+0.352%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4554	+0.132%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4554	+0.131%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4552	+0.087%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4555	+0.143%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4554	+0.139%	$230K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4554	+0.132%	$36K	$436K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	+0.363%	$38K	$257K	10x	as long as short
Hyperliquid ONDO	+0.0287%	1h	0.4557	+0.206%	$40.4M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4550	+0.044%	$298K	$851K	50x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4548	long leg	$3.3M	$3.1M	75x
01 Exchange ONDOUSD	+0.0392%	1h	0.4558	+0.226%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4551	+0.072%	$544K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4563	+0.323%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4553	+0.119%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5139%	1h	0.4554	+0.133%	$258K	$131K	5x	as long as short