Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.638%

Price spread now: HTX against Injective−0.219%65s7-day average +1.134% · you buy dearer than you sell

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

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+3.425%+$343 on $10k

Price spread, last 3 days (all we have)+0.819%+$82 · spread now −0.219%, 7d avg +1.134%

Together, before fees+4.244%+$424 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 1.353% cheaper against Injective than usual: you would sell low and buy high (spread −0.219% now, against its 7-day average of +1.134%). If the spread goes back, that is −$135 on $10k: about 2 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.425% in total) that is about 2.8 days. The two prices were read 65 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	50m 17s	$888	$216K	5.5x
Short	HTX ONDO-USDT	0.4558	0.0100	get 0.0050% / 4h	3h 50m	$134K	$502K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.219%Rate

Funding earned: $14
Price spread: −0.219% → +1.134%: −$135.33
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$133.35
Costs to cover: 0.120%
Break-even: 73.7 days

Slippage unknown: Injective: no order-book sample; HTX: live order book, 23 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 HTX live order book, 23 min ago	8.75 bp	14.7 bp −$15	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.0878%	1h	0.4548	−0.433%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0103%	1h	0.4551	−0.372%	$173K	$315K	50x	as long as short
Gate ONDO_USDT	−0.0102%	4h	0.4551	−0.372%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4550	−0.389%	$257K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	−0.390%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4547	−0.460%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	−0.345%	$437K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4556	−0.254%	$40.3M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	−0.350%	$720K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4553	−0.332%	$68.1M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4549	−0.416%	$73.5M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4548	−0.438%	$17.6M	$79.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	−0.280%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4552	−0.353%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4553	−0.328%	$48.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4553	−0.328%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4549	−0.416%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4553	−0.328%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4544	−0.525%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.574%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	−0.426%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	−0.331%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4556	−0.261%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	−0.328%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4549	−0.416%	$473	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4558	−0.219%	$134K	$502K	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4550	−0.395%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4547	−0.453%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	−0.405%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4549	−0.416%	$33K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4556	−0.261%	$375	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4554	−0.315%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	−0.460%	$296K	$816K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.591%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0496%	1h	0.4559	−0.193%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4549	−0.410%	$544K	—	100x	as long as short
Phemex ONDOUSDT	+0.0912%	4h	0.4546	−0.482%	$4.5M	$7.0M	50x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4553	−0.323%	$2K	—	20x	as long as short