Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.304%

Price spread now: Injective against SunX+5.351%61s7-day average — · you sell dearer than you buy

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.434%−$343 on $10k

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. Injective is 5.351% dearer against SunX than usual: you sell high and buy low (spread +5.351% now, against zero (this spread has no 7-day history yet)): +$535 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9 months. At the pace of the last 7 days (−3.434% in total) that is about 11 days. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4336	0.0100	pay 0.0050% / 4h	1h 05m	—	$1.4M	20x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	5m 22s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee InjectivebpOrdersPrice spread, now +5.351%Rate

Funding earned: −$14
Price spread: +5.351% → 0.000%: $535.06
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $513.04
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 9 min ago; Injective: 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 SunX live order book, 9 min ago	47.21 bp	68.1 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0146%	1h	0.4330	−0.142%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4326	−0.236%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	+5.351%	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4333	−0.067%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4325	−0.248%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4328	−0.185%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4327	−0.212%	$62.6M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4325	−0.254%	$67.8M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4327	−0.208%	$17.2M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4327	−0.201%	$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	0.4325	−0.258%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4326	−0.231%	$12.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4325	−0.254%	$43.4M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4326	−0.231%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4326	−0.231%	$24.7M	$36.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4327	−0.208%	—	$770K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4333	−0.065%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4331	−0.121%	$735K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4328	−0.181%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	−0.282%	$401K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4328	−0.185%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4327	−0.203%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4325	−0.254%	$23K	$6K	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4336	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4331	−0.115%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4337	+0.023%	$128K	$394K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4330	−0.138%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4329	−0.161%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4325	−0.248%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4329	−0.173%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0160%	1h	0.4331	−0.111%	$243K	$153K	5x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4326	−0.233%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.138%	$215K	$728K	50x	as long as short
Hyperliquid ONDO	+0.0272%	1h	0.4330	−0.143%	$36.4M	$27.1M	10x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4337	+0.021%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	−0.092%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0443%	1h	0.4335	−0.023%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4325	−0.252%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4327	−0.208%	$2K	—	20x	as long as short