Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against ApeX Omni−0.435%77s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.501% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 3 days (all we have)+0.504%+$50 · spread now −0.435%, 7d avg −0.022%

Together, before fees+0.311%+$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.413% cheaper against ApeX Omni than usual: you would sell low and buy high, −$41 on $10k if it goes back to its 7-day average of −0.022%. The two prices were read 77 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	ApeX Omni ONDOUSDT	0.4595	0.0100	pay 0.0013% / 1h	49m 37s	$174K	$312K	50x
Short	Phemex ONDOUSDT	0.4575	0.0100	get 0.0050% / 4h	49m 37s	$4.7M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.435%Rate

Funding earned: $0
Price spread: −0.435% → −0.022%: −$41.31
Slippage, 4 orders: −$28.07
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.38
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 28 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 28 min ago	3.26 bp	9.7 bp −$10	21.3 bp −$213	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.44 bp	16.1 bp −$16	23.2 bp −$232	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	−0.0797%	1h	0.4575	−0.427%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.588%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4574	−0.457%	$36K	$436K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4574	−0.453%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4574	−0.457%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4583	−0.261%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4577	−0.392%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4574	−0.457%	$68.4M	$227.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4573	−0.479%	$74.2M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4573	−0.479%	$17.8M	$81.3M	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	0.4597	+0.041%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	−0.521%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4572	−0.501%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	−0.435%	$49.4M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4575	−0.435%	$13.8M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4575	−0.435%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4573	−0.479%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4587	−0.176%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4590	−0.112%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4590	−0.107%	$434K	$960K	10x	as long as short
ApeX Omni ONDOUSDTlong	+0.0100%	1h	0.4595	long leg	$174K	$312K	50x
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4584	−0.239%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4585	−0.218%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4575	−0.435%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4589	−0.131%	$134K	$503K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4575	−0.435%	$4.7M	$6.7M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4572	−0.501%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4573	−0.475%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4578	−0.359%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0220%	1h	0.4574	−0.457%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4596	+0.017%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.087%	$302K	$859K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4588	−0.152%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4579	−0.348%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0496%	1h	0.4577	−0.403%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0200%	1h	0.4574	−0.457%	$564K	—	100x	as long as short
Lighter ONDO	+0.1040%	1h	0.4584	−0.244%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4578	−0.362%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6770%	1h	0.4574	−0.466%	$259K	$129K	5x	as long as short