Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h +0.470%

Price spread now: Aster against Injective−4.028%97s7-day average +0.852% · you buy dearer than you sell

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

Long on Injective Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+3.427%+$343 on $10k

Price spread, last 4 days (all we have)+4.666%+$467 · spread now −4.028%, 7d avg +0.852%

Together, before fees+8.093%+ Points / potential airdropAster: Stage 5 · farm board+$809 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 4.880% cheaper against Injective than usual: you would sell low and buy high (spread −4.028% now, against its 7-day average of +0.852%). If the spread goes back, that is −$488 on $10k: about 3 months of funding at the current rate (+$5 a day). At the pace of the last 7 days (+3.427% in total) that is about 10.0 days. The two prices were read 97 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	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	43m 36s	$888	$216K	5.5x
Short	Aster ONDOUSDT	0.4384	0.0216	get 0.0108% / 4h	43m 36s	$737K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Injective. 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 InjectivebpFee AsterbpOrdersPrice spread, now −4.028%Rate

Funding earned: $38.34
Price spread: −4.028% → +0.852%: −$488.01
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Aster: 4 bp × 2 orders: −$8
Net: −$457.69
Costs to cover: 0.080%
Break-even: 90.6 days

Slippage unknown: Injective: no order-book sample; Aster: live order book, 5 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Aster live order book, 5 min ago	1.14 bp	5.7 bp −$6	35.0 bp −$350	doesn't fit	doesn't fit

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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4382	−4.075%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4379	−4.137%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4381	−4.094%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4384	−4.028%	$371K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4382	−4.061%	$37.6M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4381	−4.094%	$63.1M	$229.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4378	−4.159%	$69.2M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4379	−4.137%	$16.8M	$72.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4369	−4.356%	$72K	$84K	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	0.4376	−4.209%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4377	−4.181%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4380	−4.116%	$46.0M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4379	−4.137%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4378	−4.159%	$25.0M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4379	−4.137%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4383	−4.050%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−4.254%	$709K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	−4.356%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4355	−4.654%	$402K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4370	−4.335%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4383	−4.050%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4381	−4.094%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4381	−4.094%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4390	−3.897%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4381	−4.094%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4377	−4.176%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4377	−4.173%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4381	−4.087%	$38K	$13K	3x	as long as short
Lighter ONDO	+0.0192%	1h	0.4384	−4.028%	$1.1M	$2.4M	10x	as long as short
Aster ONDOUSDTshort	+0.0216%	4h	0.4384	−4.028%	$737K	$2.4M	20x
01 Exchange ONDOUSD	+0.0232%	1h	0.4377	−4.181%	$360	$2K	10x	as long as short
dYdX ONDO-USD	+0.0271%	1h	0.4377	−4.171%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	−3.809%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4376	−4.203%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4377	−4.170%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4382	−4.072%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4381	−4.095%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4384	−4.031%	$2K	—	20x	as long as short