Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.116%

Price spread now: Coinbase International against Gate+0.343%7-day average +0.255% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.801%+$80 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.343%, 7d avg +0.255%

Together, before fees+0.800%+$80 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Coinbase International is 0.088% dearer against Gate than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.255%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4375	0.0100	pay 0.0050% / 4h	3h 28m	$11.7M	$16.1M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4390	0.0272	get 0.0034% / 1h	28m 47s	$260K	$718K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.343%Rate

Funding earned: $36.12
Price spread: +0.343% → +0.255%: $8.8
Slippage, 4 orders: −$37.45
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$17.52
Costs to cover: 0.624%
Break-even: 10.4 days

Slippage from Gate: live order book, 5 min ago; Coinbase International: live order book, 25 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 Gate live order book, 5 min ago	2.28 bp	14.6 bp −$15	30.6 bp −$306	45.3 bp −$4,527	76.4 bp −$38.2K
Sell Coinbase International live order book, 25 min ago	5.67 bp	12.9 bp −$13	46.6 bp −$466	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	−0.0160%	1h	0.4375	0.000%	$2.6M	$7.7M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4381	+0.135%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4378	+0.062%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.411%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4381	+0.130%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4375	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4381	+0.131%	$362K	$842K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4377	+0.047%	$63.3M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4374	−0.023%	$68.0M	$124.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4376	+0.023%	$17.2M	$72.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4388	+0.297%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4378	+0.061%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4375	long leg	$11.7M	$16.1M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4376	+0.023%	$43.8M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4376	+0.023%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4377	+0.046%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4376	+0.023%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4376	+0.034%	$184K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4390	+0.337%	$717K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4389	+0.317%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	+0.364%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4390	+0.343%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4379	+0.089%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4379	+0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4378	+0.069%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4384	+0.206%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4379	+0.091%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4378	+0.079%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4375	+0.005%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4377	+0.057%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4379	+0.085%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0193%	4h	0.4380	+0.112%	$787K	$2.6M	20x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0207%	1h	0.4376	+0.023%	$18K	$367K	25x	as long as short
Hyperliquid ONDO	+0.0239%	1h	0.4380	+0.112%	$37.6M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0272%	1h	0.4390	+0.343%	$260K	$718K	50x
Phoenix ONDO	+0.0327%	1h	0.4385	+0.217%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4383	+0.183%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0557% / S −0.0193%	1h	0.4377	+0.038%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4379	+0.089%	$2K	—	20x	as long as short