Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −1.616%

Price spread now: KuCoin against dYdX−0.195%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$595as in the Funding arb table

Net, price: spread back to 7d avg − costs−$346as in the Price arb table

costs, in and out, $10k−$3243.236% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−2.711%−$271 on $10k

Price spread, last 4 days (all we have)+0.225%+$23 · spread now −0.195%, 7d avg +0.031%

Together, before fees−2.485%−$249 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.227% cheaper against dYdX than usual: you would sell low and buy high (spread −0.195% now, against its 7-day average of +0.031%). If the spread goes back, that is −$23 on $10k: about 7.6 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −2.711%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4399	0	get 0.0000% / 1h	38m 04s	$249K	$130K	5x
Short	KuCoin ONDOUSDTM	0.4390	0.0100	get 0.0050% / 4h	2h 38m	$13.1M	$11.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now −0.195%Rate

Funding earned: $21
Price spread: −0.195% → +0.031%: −$22.66
Slippage, 4 orders: −$301.57
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$325.23
Costs to cover: 3.236%
Break-even: 115.4 days

Slippage from dYdX: live order book, 31 min ago; KuCoin: 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 dYdX live order book, 31 min ago	130.76 bp	135.8 bp −$136	175.9 bp −$1,759	464.6 bp −$46.5K	1447.9 bp −$724.0K
Sell KuCoin live order book, 6 min ago	1.13 bp	18.3 bp −$18	39.4 bp −$394	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_ONDOUSD	−0.0364%	1h	0.4388	−0.235%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USDlong	0.0000%	1h	0.4399	long leg	$249K	$130K	5x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4389	−0.218%	$23K	$349K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4390	−0.193%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.851%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4388	−0.241%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4395	−0.070%	$396K	$854K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4392	−0.156%	$683K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4399	+0.018%	$64.1M	$231.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4399	+0.009%	$69.9M	$125.5M	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	0.4400	+0.032%	$17.1M	$76.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−0.075%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.154%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.150%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.127%	$43.2M	$42.6M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4390	−0.195%	$13.1M	$11.2M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4398	−0.014%	$25.0M	$40.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4398	−0.014%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4397	−0.025%	$197K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	+0.051%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.874%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.078%	$406K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.805%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.134%	$92K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4390	−0.195%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4389	−0.218%	$456	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4397	−0.036%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4395	−0.075%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4387	−0.253%	$396K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4389	−0.230%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0240%	1h	0.4400	+0.036%	$38.8M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4393	−0.132%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4417	+0.418%	$283K	$791K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.609%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.646%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4389	−0.213%	$484K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4396	−0.057%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0895%	4h	0.4394	−0.104%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4397	−0.041%	$2K	—	20x	as long as short