Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h −0.021%

Price spread now: BloFin against Coinbase International−0.645%58s7-day average −0.192% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as 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−$750.747% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.331%−$33 on $10k

Price spread, last 4 days (all we have)+0.897%+$90 · spread now −0.645%, 7d avg −0.192%

Together, before fees+0.566%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.454% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.645% now, against its 7-day average of −0.192%). If the spread goes back, that is −$45 on $10k: about 18 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.331%, so the current rate has only just turned in your favour. 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	Coinbase International ONDO-PERP-INTX	0.4340	0.0256	pay 0.0032% / 1h	27m 53s	$214K	$719K	50x
Short	BloFin ONDO-USDT	0.4312	0.0340	get 0.0170% / 4h	3h 27m	$3.2M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now −0.645%Rate

Funding earned: $17.64
Price spread: −0.645% → −0.192%: −$45.37
Slippage, 4 orders: −$52.7
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$102.42
Costs to cover: 0.747%
Break-even: 47.6 days

Slippage from Coinbase International: live order book, 5 min ago; BloFin: live order book, 5 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, 5 min ago	13.90 bp	34.6 bp −$35	75.5 bp −$755	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	3.47 bp	10.3 bp −$10	14.9 bp −$149	32.8 bp −$3,276	95.8 bp −$47.9K

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	−0.0177%	1h	0.4313	−0.623%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4301	−0.900%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.253%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4314	−0.608%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4300	−0.922%	$341K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	−0.596%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	−0.623%	$62.9M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4311	−0.668%	$67.5M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4311	−0.668%	$17.2M	$71.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.516%	$71K	$79K	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	0.4297	−0.995%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4311	−0.668%	$13.2M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4312	−0.645%	$43.9M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	−0.622%	$12.1M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	−0.645%	$25.0M	$36.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4313	−0.622%	—	$781K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	−0.578%	$178K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.696%	$678K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.621%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4310	−0.690%	$404K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	−0.622%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.899%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4305	−0.806%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	−0.760%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4308	−0.737%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4320	−0.461%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4311	−0.668%	$4.2M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4300	−0.933%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	−0.638%	$357K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4309	−0.714%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4307	−0.760%	$28K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0256%	1h	0.4340	long leg	$214K	$719K	50x
01 Exchange ONDOUSD	+0.0272%	1h	0.4299	−0.935%	$354	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4313	−0.634%	$35K	$218K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4312	−0.645%	$3.2M	$3.1M	75x
Hyperliquid ONDO	+0.0521%	1h	0.4317	−0.521%	$36.2M	$27.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0208%	1h	0.4301	−0.903%	$498K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4302	−0.870%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3651%	1h	0.4298	−0.975%	$245K	$159K	5x	as long as short