Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +1.302%

Price spread now: dYdX against KuCoin−0.086%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$296as in the Price arb table

costs, in and out, $10k−$2912.909% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.719%+$272 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.086%, 7d avg −0.032%

Together, before fees+2.779%+$278 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.055% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.719%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4335	0.0100	pay 0.0050% / 4h	1h 51m	$12.0M	$10.5M	50x
Short	dYdX ONDO-USD	0.4331	0	get 0.0000% / 1h	51m 22s	$243K	$137K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against KuCoin. 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 KuCoinbpFee dYdXbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$21
Price spread: −0.086% → −0.032%: −$5.45
Slippage, 4 orders: −$268.86
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$317.31
Costs to cover: 2.909%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; dYdX: live order book, 58 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 KuCoin live order book, 7 min ago	1.15 bp	17.7 bp −$18	46.7 bp −$467	doesn't fit	doesn't fit
Sell dYdX live order book, 58 min ago	24.14 bp	224.4 bp −$224	226.6 bp −$2,266	233.0 bp −$23.3K	821.3 bp −$410.6K

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	−0.0146%	1h	0.4339	+0.089%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USDshort	0.0000%	1h	0.4331	−0.086%	$243K	$137K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4337	+0.048%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.375%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4334	−0.032%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	−0.023%	$346K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4339	+0.103%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4339	+0.088%	$63.0M	$238.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4336	+0.023%	$67.6M	$126.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4340	+0.115%	$17.2M	$73.8M	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	0.4330	−0.120%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4331	−0.101%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4336	+0.023%	$12.4M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4336	+0.023%	$43.0M	$42.2M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4335	long leg	$12.0M	$10.5M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4338	+0.069%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4336	+0.023%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4333	−0.044%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4329	−0.144%	$640K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	−0.179%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4330	−0.115%	$403K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4327	−0.185%	$132K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.067%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4338	+0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4340	+0.115%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	+0.092%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.115%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4332	−0.069%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	−0.099%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	+0.077%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	+0.138%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4334	−0.014%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4335	0.000%	$215K	$725K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4333	−0.042%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4329	−0.138%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0446%	1h	0.4340	+0.118%	$36.6M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4337	+0.054%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0672%	1h	0.4341	+0.138%	$18K	$362K	25x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4337	+0.046%	$2K	—	20x	as long as short