Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0247%/8h= +27.0% APRpaid last 24h −0.040%

Price spread now: BingX against Kraken Futures+0.041%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1341.336% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.276%−$28 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BingX is 0.041% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.276%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4316	−0.0147	get 0.0018% / 1h	28m 43s	$2.5M	$7.8M	50x
Short	BingX ONDO-USDC	0.4318	0.0100	get 0.0050% / 4h	1h 28m	—	$774K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.041%Rate

Funding earned: $51.78
Price spread: +0.041% → 0.000%: $4.09
Slippage, 4 orders: −$113.61
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$77.74
Costs to cover: 1.336%
Break-even: 17.5 days

Slippage from Kraken Futures: live order book, 5 min ago; BingX: live order book, 45 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 Kraken Futures live order book, 5 min ago	2.32 bp	9.6 bp −$10	22.1 bp −$221	98.9 bp −$9,890	doesn't fit
Sell BingX live order book, 45 min ago	2.30 bp	61.7 bp −$62	99.5 bp −$995	569.2 bp −$56.9K	1042.1 bp −$521.1K

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_ONDOUSDlong	−0.0147%	1h	0.4316	long leg	$2.5M	$7.8M	50x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4313	−0.076%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0005%	1h	0.4314	−0.046%	$242K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.833%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4322	+0.134%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4320	+0.087%	$347K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4320	+0.087%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4319	+0.057%	$62.5M	$235.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4317	+0.018%	$67.5M	$124.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4317	+0.018%	$17.2M	$72.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4306	−0.235%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4314	−0.052%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	+0.064%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4318	+0.041%	$43.1M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4318	+0.041%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4317	+0.018%	$24.7M	$38.8M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4318	+0.041%	—	$774K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4318	+0.039%	$171K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4313	−0.081%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.071%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	−0.026%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	+0.018%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4323	+0.164%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4318	+0.041%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4323	+0.157%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4319	+0.064%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.273%	$128K	$403K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	+0.087%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4323	+0.150%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	+0.040%	$391K	$786K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4321	+0.116%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0110%	1h	0.4321	+0.117%	$36.2M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4324	+0.182%	$356	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4319	+0.064%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.249%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4318	+0.048%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.087%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4313	−0.086%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4318	+0.047%	$2K	—	20x	as long as short