Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1061%/8h= −116.2% APRpaid last 24h −0.310%

Price spread now: OKX against Reya+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 Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. OKX is 0.021% dearer against Reya 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 −$32 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	Reya ONDORUSDPERP	0.4322	0.1161	pay 0.0145% / 1h	59m 21s	$2K	—	20x
Short	OKX ONDO-USDT-SWAP	0.4323	0.0100	get 0.0050% / 4h	3h 59m	$17.3M	$71.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Reya. 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 ReyabpFee OKXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$222.87
Price spread: +0.021% → 0.000%: $2.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$236.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	1.16 bp	9.3 bp −$9	18.2 bp −$182	146.0 bp −$14.6K	doesn't fit

Reya: 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_ONDOUSD	−0.0177%	1h	0.4322	−0.010%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4320	−0.047%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.689%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	+0.104%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	+0.027%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4326	+0.090%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4323	+0.015%	$63.1M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4321	−0.026%	$68.2M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4323	+0.021%	$17.3M	$71.8M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.107%	$71K	$80K	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	−0.039%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	−0.049%	$13.1M	$14.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4322	−0.002%	$44.1M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4321	−0.026%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	−0.026%	$24.6M	$36.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4322	−0.002%	—	$778K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4326	+0.086%	$176K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.042%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.029%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4326	+0.090%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	−0.118%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4321	−0.026%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.026%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4324	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	−0.002%	$2K	$15K	10x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4323	+0.021%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4323	+0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	−0.020%	$364K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4324	+0.032%	$37K	$13K	3x	as long as short
HTX ONDO-USDT	+0.0152%	4h	0.4332	+0.229%	$128K	$369K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	−0.002%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4325	+0.067%	$214K	$733K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4324	+0.051%	$35K	$217K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4322	−0.002%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4324	+0.044%	$356	$2K	10x	as long as short
Hyperliquid ONDO	+0.0395%	1h	0.4327	+0.104%	$36.6M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4320	−0.041%	$494K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1161%	1h	0.4322	long leg	$2K	—	20x
dYdX ONDO-USD	+0.1725%	1h	0.4323	+0.024%	$243K	$155K	5x	as long as short