Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0896%/8h= −98.1% APRpaid last 24h +0.164%

Price spread now: Kraken Futures against Orderly+0.021%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

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

The price spread pays, funding is against you. Kraken Futures is 0.021% dearer against Orderly than usual: you sell high and buy low (spread +0.021% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4568	0.0098	pay 0.0049% / 4h	43m 33s	$25K	$8K	10x
Short	Kraken Futures PF_ONDOUSD	0.4569	−0.0798	pay 0.0100% / 1h	43m 33s	$2.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$188.2
Price spread: +0.021% → 0.000%: $2.13
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$202.07
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 5 min ago	3.28 bp	19.6 bp −$20	31.5 bp −$315	doesn't fit	doesn't fit

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_ONDOUSDshort	−0.0798%	1h	0.4569	+0.021%	$2.8M	$8.1M	50x
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	0.000%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4568	+0.005%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDClong	+0.0098%	4h	0.4568	long leg	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4560	−0.175%	$430K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4565	−0.066%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4561	−0.162%	$68.2M	$227.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4560	−0.175%	$73.9M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4561	−0.153%	$17.8M	$81.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	−0.050%	$74K	$89K	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	0.4559	−0.199%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4561	−0.153%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4560	−0.175%	$49.5M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	−0.044%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4561	−0.153%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4560	−0.175%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.108%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4565	−0.059%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4563	−0.109%	$421K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4564	−0.088%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4563	−0.112%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4562	−0.131%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	+0.022%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4571	+0.066%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	+0.044%	$4.7M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4560	−0.183%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4559	−0.193%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4573	+0.099%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0175%	1h	0.4570	+0.046%	$230K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.044%	$36K	$436K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4573	+0.120%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4565	−0.066%	$299K	$852K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	−0.044%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0341%	1h	0.4568	+0.004%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4563	−0.118%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4569	+0.023%	$545K	—	100x	as long as short
Lighter ONDO	+0.0928%	1h	0.4573	+0.101%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4561	−0.145%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6293%	1h	0.4565	−0.066%	$258K	$131K	5x	as long as short