Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0898%/8h= +98.3% APRpaid last 24h −0.164%

Price spread now: Orderly against Kraken Futures+0.030%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 +$27 a day on $10k at the current rate, and Orderly is 0.030% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4560	−0.0800	get 0.0100% / 1h	43m 24s	$2.8M	$8.1M	50x
Short	Orderly PERP_ONDO_USDC	0.4561	0.0098	get 0.0049% / 4h	43m 24s	$25K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.030%Rate

Funding earned: $188.54
Price spread: +0.030% → 0.000%: $3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $175.54
Costs to cover: 0.160%
Break-even: 0.5 days

Slippage unknown: Kraken Futures: live order book, 6 min ago; Orderly: no order-book sample. 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 Kraken Futures live order book, 6 min ago	3.28 bp	12.4 bp −$12	22.5 bp −$225	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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_ONDOUSDlong	−0.0800%	1h	0.4560	long leg	$2.8M	$8.1M	50x
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.184%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4561	+0.030%	$36K	$436K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4561	+0.033%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4561	+0.030%	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4560	+0.008%	$430K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4562	+0.060%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4562	+0.060%	$68.2M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4562	+0.052%	$74.0M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4562	+0.052%	$17.8M	$81.1M	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	0.4566	+0.133%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4559	−0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4559	−0.014%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4561	+0.030%	$49.5M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4563	+0.074%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4561	+0.030%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4562	+0.052%	—	$739K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.292%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4565	+0.125%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4563	+0.074%	$421K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4564	+0.096%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4563	+0.072%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4563	+0.074%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4560	+0.008%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4571	+0.249%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	+0.227%	$4.7M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4560	0.000%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4559	−0.020%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4563	+0.074%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0175%	1h	0.4570	+0.230%	$230K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4573	+0.304%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4565	+0.118%	$299K	$852K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	+0.140%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0340%	1h	0.4565	+0.116%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4563	+0.065%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4561	+0.037%	$544K	—	100x	as long as short
Lighter ONDO	+0.0928%	1h	0.4573	+0.284%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4561	+0.039%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6293%	1h	0.4565	+0.117%	$258K	$131K	5x	as long as short