Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0645%/8h= −70.6% APRpaid last 24h −0.683%

Price spread now: Injective against Bybit+0.617%98s7-day average −0.929% · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.340%−$334 on $10k

Price spread, last 3 days (all we have)−1.268%−$127 · spread now +0.617%, 7d avg −0.929%

Together, before fees−4.608%−$461 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.545% dearer against Bybit than usual: you sell high and buy low (spread +0.617% now, against its 7-day average of −0.929%): +$155 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 8.0 days. At the pace of the last 7 days (−3.340% in total) that is about 3.2 days. The two prices were read 98 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	Bybit ONDOUSDT	0.4540	0.0100	pay 0.0050% / 4h	23m 40s	$73.6M	$123.0M	50x
Short	Injective ONDO/USDC PERP	0.4568	−0.0545	pay 0.0068% / 1h	23m 40s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.617%Rate

Funding earned: −$135.39
Price spread: +0.617% → −0.929%: $154.53
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $8.13
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: 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 Bybit live order book, 5 min ago	1.10 bp	8.5 bp −$8	12.4 bp −$124	46.9 bp −$4,690	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
Kraken Futures PF_ONDOUSD	−0.0804%	1h	0.4534	−0.122%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERPshort	−0.0545%	1h	0.4568	+0.617%	$888	$216K	5.5x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4534	−0.132%	$35K	$437K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4536	−0.097%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4535	−0.110%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	−0.055%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4541	+0.025%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4538	−0.043%	$67.9M	$227.4M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4540	long leg	$73.6M	$123.0M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4539	−0.022%	$17.6M	$80.3M	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	0.4527	−0.280%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4537	−0.070%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4536	−0.088%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4540	0.000%	$48.5M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.066%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4538	−0.044%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4539	−0.022%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4537	−0.055%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	+0.132%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4541	+0.015%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.251%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	+0.132%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4538	−0.053%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4535	−0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4535	−0.110%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4545	+0.110%	$133K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4538	−0.044%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4539	−0.027%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	−0.037%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4537	−0.066%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0130%	1h	0.4540	−0.007%	$40.1M	$26.4M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	+0.181%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4545	+0.110%	$297K	$843K	50x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4540	0.000%	$374	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4547	+0.154%	$3.3M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4536	−0.097%	$541K	—	100x	as long as short
Lighter ONDO	+0.0744%	1h	0.4546	+0.126%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4535	−0.109%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3845%	1h	0.4535	−0.109%	$257K	$132K	5x	as long as short