Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.151%

Price spread now: BingX against Coinbase International−0.111%7-day average −0.243% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1661.662% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.774%−$77 on $10k

Price spread, last 3 days (all we have)−0.065%−$6 · spread now −0.111%, 7d avg −0.243%

Together, before fees−0.838%−$84 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.132% dearer against Coinbase International than usual: you sell high and buy low (spread −0.111% now, against its 7-day average of −0.243%): +$13 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4501	0.0328	pay 0.0041% / 1h	5m 46s	$297K	$840K	50x
Short	BingX ONDO-USDC	0.4496	0.0100	get 0.0050% / 4h	2h 05m	—	$744K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$47.88
Price spread: −0.111% → −0.243%: $13.21
Slippage, 4 orders: −$146.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$200.86
Costs to cover: 1.662%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 18 min ago; BingX: live order book, 53 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 Coinbase International live order book, 18 min ago	5.53 bp	12.7 bp −$13	68.1 bp −$681	doesn't fit	doesn't fit
Sell BingX live order book, 53 min ago	2.20 bp	55.7 bp −$56	125.3 bp −$1,253	787.9 bp −$78.8K	1032.0 bp −$516.0K

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	−0.1131%	1h	0.4496	−0.121%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4500	−0.022%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4497	−0.084%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4517	+0.360%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.467%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4497	−0.089%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4498	−0.061%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4498	−0.066%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4500	−0.022%	$66.2M	$220.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4498	−0.067%	$72.9M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4499	−0.044%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4520	+0.420%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4498	−0.060%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4495	−0.133%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4498	−0.067%	$47.1M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4496	−0.111%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4499	−0.044%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4496	−0.111%	—	$744K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4500	−0.029%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4506	+0.120%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.332%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4514	+0.295%	$426K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4518	+0.378%	$159K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4498	−0.073%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4497	−0.089%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4498	−0.067%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4506	+0.111%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4499	−0.044%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4498	−0.068%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4495	−0.134%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4500	−0.029%	$35K	—	3x	as long as short
Hyperliquid ONDO	+0.0284%	1h	0.4501	+0.011%	$40.2M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4501	long leg	$297K	$840K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+0.244%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4502	+0.018%	$370	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4505	+0.096%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4497	−0.093%	$541K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4497	−0.089%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9354%	1h	0.4499	−0.045%	$255K	$129K	5x	as long as short