Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0454%/8h= −49.7% APRpaid last 24h +0.173%

Price spread now: Kraken Futures against Bybit+0.001%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.363%+$36 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now +0.001%, 7d avg +0.109%

Together, before fees+0.416%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Kraken Futures is 0.108% cheaper against Bybit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.109%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.363%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4545	0.0100	pay 0.0050% / 4h	1h 45m	$73.7M	$117.9M	50x
Short	Kraken Futures PF_ONDOUSD	0.4545	−0.0354	pay 0.0044% / 1h	45m 53s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$95.28
Price spread: +0.001% → +0.109%: −$10.78
Slippage, 4 orders: −$25.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$152.15
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Bybit live order book, 3 min ago	1.11 bp	9.5 bp −$10	16.9 bp −$169	50.2 bp −$5,024	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.21 bp	19.9 bp −$20	34.7 bp −$347	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	−0.0354%	1h	0.4545	+0.001%	$2.8M	$8.0M	50x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4535	−0.214%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4546	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4534	−0.237%	$426K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4545	−0.002%	$762K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4547	+0.038%	$66.9M	$219.7M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4545	long leg	$73.7M	$117.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4547	+0.044%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4507	−0.838%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4531	−0.315%	—	—	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	0.4545	0.000%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4544	−0.022%	$47.9M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4542	−0.066%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4544	−0.022%	$25.6M	$41.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4545	0.000%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4547	+0.053%	$196K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4513	−0.702%	$795K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4515	−0.665%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4515	−0.661%	$426K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4536	−0.189%	$80K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4536	−0.198%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	+0.066%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4547	+0.044%	$130K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4544	−0.022%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4529	−0.347%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4544	−0.022%	$403K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	+0.116%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4521	−0.528%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.924%	$1K	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0236%	1h	0.4509	−0.792%	$159K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4550	+0.110%	$301K	$853K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4529	−0.352%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4538	−0.152%	$373	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0410%	1h	0.4549	+0.088%	$19K	$364K	25x	as long as short
Hyperliquid ONDO	+0.0515%	1h	0.4549	+0.084%	$40.7M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4535	−0.217%	$545K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4554	+0.200%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4536	−0.195%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1270%	1h	0.4533	−0.256%	$257K	$130K	5x	as long as short