Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.243%

Price spread now: MEXC against Injective−5.451%100s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+3.367%+$337 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 5.451% cheaper against Injective than usual: you would sell low and buy high (spread −5.451% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$545 on $10k: about 9 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.367% in total) that is about 11 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	0.0033	pay 0.0004% / 1h	13m 40s	$888	$216K	5.5x
Short	MEXC ONDO_USDT	0.4319	0.0100	get 0.0050% / 4h	13m 40s	$43.9M	$42.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −5.451%Rate

Funding earned: $14
Price spread: −5.451% → 0.000%: −$545.1
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: −$531.12
Costs to cover: 0.000%
Break-even: 272.6 days

Slippage unknown: Injective: no order-book sample; MEXC: 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 MEXC live order book, 5 min ago	1.16 bp	1.2 bp −$1	5.0 bp −$50	18.5 bp −$1,854	115.3 bp −$57.7K

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	−0.0176%	1h	0.4317	−5.491%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4318	−5.469%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4323	−5.374%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4318	−5.467%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4322	−5.379%	$756K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	−5.408%	$62.9M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4320	−5.429%	$68.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	−5.363%	$17.3M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4324	−5.352%	$71K	$80K	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	0.4320	−5.429%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4318	−5.473%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4319	−5.451%	$43.9M	$42.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4318	−5.473%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4319	−5.451%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4319	−5.451%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4322	−5.377%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4314	−5.564%	$678K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4314	−5.570%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	−5.539%	$403K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4311	−5.626%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4320	−5.425%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−5.451%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4318	−5.473%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−5.407%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4327	−5.276%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	−5.429%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4319	−5.461%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	−5.463%	$360K	$814K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4323	−5.374%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	−5.385%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4323	−5.357%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4320	−5.429%	$213K	$732K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4317	−5.486%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4315	−5.539%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0378%	1h	0.4323	−5.370%	$36.5M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4311	−5.625%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4312	−5.608%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1706%	1h	0.4318	−5.484%	$242K	$156K	5x	as long as short