Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.110%

Price spread now: MEXC against Coinbase International−0.069%51s7-day average −0.220% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as 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−$340.337% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.810%−$81 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now −0.069%, 7d avg −0.220%

Together, before fees−0.991%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.151% dearer against Coinbase International than usual: you sell high and buy low (spread −0.069% now, against its 7-day average of −0.220%): +$15 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 7 days (−0.810% in total) that is about 31 hours. The two prices were read 51 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	0.4346	0.0272	pay 0.0034% / 1h	48m 28s	$218K	$767K	50x
Short	MEXC ONDO_USDT	0.4343	0.0100	get 0.0050% / 4h	2h 48m	$43.5M	$41.7M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$36.12
Price spread: −0.069% → −0.220%: $15.11
Slippage, 4 orders: −$23.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$54.67
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 65 min ago; MEXC: 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, 65 min ago	5.67 bp	17.3 bp −$17	43.8 bp −$438	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.15 bp	1.2 bp −$1	3.5 bp −$35	20.3 bp −$2,027	105.2 bp −$52.6K

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	−0.0241%	1h	0.4336	−0.225%	$2.6M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4341	−0.108%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.108%	$888	$216K	5.5x	as long as short
dYdX ONDO-USD	+0.0044%	1h	0.4336	−0.225%	$248K	$133K	5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4343	−0.064%	$357	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	−0.074%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4338	−0.184%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4339	−0.155%	$352K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4343	−0.074%	$36.5M	$25.7M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4344	−0.039%	$778K	$2.6M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4343	−0.060%	$62.6M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4340	−0.138%	$67.5M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4342	−0.092%	$17.1M	$72.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4333	−0.299%	$72K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4342	−0.092%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4340	−0.138%	$12.1M	$16.2M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4343	−0.069%	$43.5M	$41.7M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4341	−0.115%	$12.2M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4342	−0.092%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4343	−0.069%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4338	−0.184%	$176K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.167%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4337	−0.210%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.109%	$400K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	−0.184%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4343	−0.071%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4341	−0.115%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	−0.161%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4346	0.000%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.184%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4339	−0.158%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4341	−0.113%	$389K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	−0.115%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4340	−0.138%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0272%	1h	0.4346	long leg	$218K	$767K	50x
Phoenix ONDO	+0.0332%	1h	0.4346	+0.007%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4339	−0.161%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4341	−0.106%	$488K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4341	−0.104%	$2K	—	20x	as long as short