Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0645%/8h= +70.6% APRpaid last 24h +0.683%

Price spread now: KuCoin against Injective−0.044%100s7-day average +0.983% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+3.412%+$341 on $10k

Price spread, last 3 days (all we have)+0.714%+$71 · spread now −0.044%, 7d avg +0.983%

Together, before fees+4.126%+$413 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 1.027% cheaper against Injective than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.983%). If the spread goes back, that is −$103 on $10k: about 5.3 days of funding at the current rate (+$19 a day). At the pace of the last 7 days (+3.412% in total) that is about 2.1 days. The two prices were read 100 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	−0.0545	get 0.0068% / 1h	43m 48s	$888	$216K	5.5x
Short	KuCoin ONDOUSDTM	0.4566	0.0100	get 0.0050% / 4h	43m 48s	$13.8M	$11.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $135.39
Price spread: −0.044% → +0.983%: −$102.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $20.66
Costs to cover: 0.120%
Break-even: 5.9 days

Slippage unknown: Injective: no order-book sample; KuCoin: 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 KuCoin live order book, 5 min ago	1.09 bp	20.5 bp −$21	40.4 bp −$404	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	−0.0798%	1h	0.4569	+0.021%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERPlong	−0.0545%	1h	0.4568	long leg	$888	$216K	5.5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4568	+0.005%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4567	−0.011%	$431K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4568	0.000%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4564	−0.092%	$68.2M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4562	−0.131%	$74.0M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4560	−0.175%	$17.8M	$81.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	−0.050%	$74K	$89K	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	0.4563	−0.107%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4564	−0.088%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4560	−0.175%	$49.5M	$43.3M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4566	−0.044%	$13.8M	$11.0M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4561	−0.153%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4560	−0.175%	—	$739K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.108%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4575	+0.143%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4575	+0.145%	$433K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4568	0.000%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	+0.088%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4562	−0.131%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	+0.022%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4571	+0.066%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	+0.044%	$4.7M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4560	−0.183%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4559	−0.193%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4573	+0.099%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0175%	1h	0.4570	+0.046%	$230K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.044%	$36K	$436K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4573	+0.120%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4565	−0.066%	$299K	$852K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	−0.044%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0341%	1h	0.4568	+0.004%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4569	+0.015%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4569	+0.023%	$545K	—	100x	as long as short
Lighter ONDO	+0.0928%	1h	0.4573	+0.101%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	+0.052%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6293%	1h	0.4565	−0.066%	$258K	$131K	5x	as long as short