Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.084%

Price spread now: SunX against Coinbase International−0.942%7-day average −0.221% · you buy dearer than you sell

Net, funding: paid 7d − costs−$266as in the Funding arb table

Net, price: spread back to 7d avg − costs−$263as in the Price arb table

costs, in and out, $10k−$1911.912% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.750%−$75 on $10k

Price spread, last 4 days (all we have)+0.717%+$72 · spread now −0.942%, 7d avg −0.221%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.720% cheaper against Coinbase International than usual: you would sell low and buy high (−$72 if the spread goes back to its 7-day average of −0.221%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4353	0.0280	pay 0.0035% / 1h	51m 05s	$214K	$612K	50x
Short	SunX ONDO-USDT	0.4312	0.0100	get 0.0050% / 4h	1h 51m	—	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.942%Rate

Funding earned: −$37.8
Price spread: −0.942% → −0.221%: −$72.05
Slippage, 4 orders: −$173.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$301.05
Costs to cover: 1.912%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 60 min ago; SunX: live order book, 6 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, 60 min ago	17.36 bp	29.2 bp −$29	82.8 bp −$828	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	47.33 bp	69.1 bp −$69	doesn't fit	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0326%	1h	0.4312	−0.945%	$2.5M	$7.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4312	−0.942%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4322	−0.723%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.939%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4318	−0.804%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4310	−0.988%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4310	−0.976%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	−0.906%	$768K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	−0.922%	$62.9M	$222.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4311	−0.965%	$67.4M	$116.6M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4314	−0.896%	$17.3M	$66.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4319	−0.783%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4315	−0.881%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4314	−0.896%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4314	−0.896%	$46.2M	$39.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4311	−0.965%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4314	−0.896%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4313	−0.919%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	−0.880%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4321	−0.726%	$799K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4322	−0.718%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4322	−0.712%	$399K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4324	−0.666%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	−0.852%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4312	−0.942%	—	$1.3M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4312	−0.942%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4318	−0.804%	$105K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4312	−0.942%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4311	−0.965%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4310	−0.992%	$353K	$779K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4313	−0.919%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0144%	1h	0.4316	−0.859%	$355	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0184% / S +0.0251%	1h	0.4315	−0.874%	$364K	—	100x	as long as short
Hyperliquid ONDO	+0.0186%	1h	0.4319	−0.793%	$36.4M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4318	−0.802%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0280%	1h	0.4353	long leg	$214K	$612K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4315	−0.873%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4311	−0.973%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3933%	1h	0.4309	−1.011%	$247K	$159K	5x	as long as short