Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0051%/8h= +5.5% APRpaid last 24h −0.741%

Price spread now: Injective against HTX−1.531%55s7-day average −1.143% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.419%−$342 on $10k

Price spread, last 3 days (all we have)+0.857%+$86 · spread now −1.531%, 7d avg −1.143%

Together, before fees−2.563%−$256 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.388% cheaper against HTX than usual: you would sell low and buy high (spread −1.531% now, against its 7-day average of −1.143%). If the spread goes back, that is −$39 on $10k: about 26 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −3.419%, so the current rate has only just turned in your favour. The two prices were read 55 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	HTX ONDO-USDT	0.4639	0.0100	pay 0.0050% / 4h	1h 19m	$135K	$511K	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0151	get 0.0019% / 1h	19m 26s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −1.531%Rate

Funding earned: $10.61
Price spread: −1.531% → −1.143%: −$38.8
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$40.21
Costs to cover: 0.120%
Break-even: 33.5 days

Slippage unknown: HTX: live order book, 64 min ago; Injective: no order-book sample. Net counts fees only.

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 HTX live order book, 64 min ago	11.04 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0348%	1h	0.4613	−0.564%	$2.8M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4611	−0.604%	$42K	$422K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	−0.601%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4611	−0.604%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4612	−0.571%	$435K	$703K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4612	−0.582%	$737K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4614	−0.546%	$68.3M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4612	−0.582%	$75.9M	$121.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4611	−0.604%	$18.1M	$82.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−1.106%	$75K	$88K	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	0.4609	−0.654%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4610	−0.625%	$12.1M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4613	−0.560%	$49.7M	$44.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4611	−0.604%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4612	−0.582%	$26.2M	$41.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4612	−0.582%	—	$22.6M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4604	−0.756%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	−0.731%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	−0.744%	$425K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	−0.690%	$165K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4613	−0.556%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4612	−0.582%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4617	−0.474%	$480	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4639	long leg	$135K	$511K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4613	−0.560%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	−0.666%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4610	−0.623%	$411K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	−0.527%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0123%	1h	0.4619	−0.435%	$236K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4608	−0.657%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERPshort	+0.0151%	1h	0.4568	−1.531%	$888	$216K	5.5x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4606	−0.711%	$301K	$875K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	−0.798%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4617	−0.474%	$380	$2K	10x	as long as short
Hyperliquid ONDO	+0.0420%	1h	0.4618	−0.461%	$41.4M	$26.4M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0187%	1h	0.4611	−0.611%	$550K	—	100x	as long as short
Lighter ONDO	+0.0704%	1h	0.4616	−0.489%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4613	−0.568%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4032%	1h	0.4605	−0.724%	$261K	$129K	5x	as long as short