Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0426%/8h= −46.6% APRpaid last 24h +0.020%

Price spread now: Kraken Futures against HTX−0.179%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$910.906% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 4 days (all we have)+0.267%+$27 · spread now −0.179%, 7d avg −0.092%

Together, before fees+0.534%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.086% cheaper against HTX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.092%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.266%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.266% in total (about 13.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4319	0.0100	pay 0.0050% / 4h	1h 49m	$105K	$478K	50x
Short	Kraken Futures PF_ONDOUSD	0.4311	−0.0326	pay 0.0041% / 1h	49m 08s	$2.5M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$89.44
Price spread: −0.179% → −0.092%: −$8.64
Slippage, 4 orders: −$68.58
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$188.66
Costs to cover: 0.906%
Break-even: never at this rate

Slippage from HTX: live order book, 62 min ago; Kraken Futures: live order book, 3 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 HTX live order book, 62 min ago	15.00 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.32 bp	11.6 bp −$12	28.8 bp −$288	798.2 bp −$79.8K	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_ONDOUSDshort	−0.0326%	1h	0.4311	−0.179%	$2.5M	$7.0M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4310	−0.208%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4322	+0.059%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.765%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4315	−0.100%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4308	−0.255%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4311	−0.174%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4312	−0.162%	$768K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4310	−0.207%	$62.9M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4308	−0.255%	$67.4M	$116.3M	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	0.4309	−0.232%	$17.3M	$66.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−0.241%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4309	−0.221%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4308	−0.255%	$13.7M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4311	−0.185%	$46.3M	$39.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4309	−0.232%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4309	−0.232%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4309	−0.232%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4312	−0.162%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	−0.269%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	−0.178%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4322	+0.069%	$399K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	−0.139%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4311	−0.178%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4310	−0.208%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4310	−0.208%	$2K	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4319	long leg	$105K	$478K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4312	−0.162%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4308	−0.250%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4308	−0.253%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4311	−0.194%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0136%	1h	0.4310	−0.201%	$355	$2K	10x	as long as short
Hyperliquid ONDO	+0.0173%	1h	0.4313	−0.139%	$36.3M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0184% / S +0.0251%	1h	0.4315	−0.094%	$364K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4316	−0.079%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4353	+0.787%	$214K	$612K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	−0.278%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4311	−0.194%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3773%	1h	0.4309	−0.233%	$247K	$159K	5x	as long as short