Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.105%

Price spread now: Coinbase International against OKX+0.139%7-day average +0.241% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$640.644% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.796%+$80 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now +0.139%, 7d avg +0.241%

Together, before fees+0.867%+$87 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.102% cheaper against OKX than usual: you would sell low and buy high (spread +0.139% now, against its 7-day average of +0.241%). If the spread goes back, that is −$10 on $10k: about 2.1 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.796% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4322	0.0100	pay 0.0050% / 4h	1h 01m	$17.2M	$72.0M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4328	0.0264	get 0.0033% / 1h	1m 12s	$214K	$731K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.139%Rate

Funding earned: $34.44
Price spread: +0.139% → +0.241%: −$10.18
Slippage, 4 orders: −$44.43
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$40.17
Costs to cover: 0.644%
Break-even: 15.2 days

Slippage from OKX: live order book, 3 min ago; Coinbase International: live order book, 42 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 OKX live order book, 3 min ago	1.16 bp	7.0 bp −$7	16.1 bp −$161	doesn't fit	doesn't fit
Sell Coinbase International live order book, 42 min ago	9.25 bp	22.8 bp −$23	64.5 bp −$645	doesn't fit	doesn't fit

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	0.4319	−0.074%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4319	−0.073%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.692%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4325	+0.069%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4321	−0.012%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.014%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	−0.023%	$62.5M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4318	−0.093%	$67.7M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4322	long leg	$17.2M	$72.0M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4328	+0.127%	$71K	$81K	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	−0.051%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	−0.069%	$12.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	−0.046%	$43.3M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4321	−0.023%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	−0.023%	$24.6M	$36.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4320	−0.046%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4323	+0.016%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4331	+0.202%	$735K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4324	+0.041%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	+0.022%	$401K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4326	+0.093%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4321	−0.032%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4322	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−0.023%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.139%	$128K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4322	0.000%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4320	−0.041%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4319	−0.068%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	+0.003%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4321	−0.012%	$356	$2K	10x	as long as short
dYdX ONDO-USD	+0.0252%	1h	0.4324	+0.038%	$243K	$156K	5x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0264%	1h	0.4328	+0.139%	$214K	$731K	50x
Hyperliquid ONDO	+0.0273%	1h	0.4325	+0.058%	$36.4M	$27.1M	10x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4326	+0.095%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4322	0.000%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0445%	1h	0.4322	0.000%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4319	−0.075%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4320	−0.047%	$2K	—	20x	as long as short