Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h +0.008%

Price spread now: Phoenix against Aster+0.208%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.208%, 7d avg +0.021%

Together, before fees−0.103%+ Points / potential airdropAster: Stage 5 · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.187% dearer against Aster than usual: you sell high and buy low (spread +0.208% now, against its 7-day average of +0.021%): +$19 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ONDOUSDT	0.4519	0.0100	pay 0.0050% / 4h	2h 15m	$760K	$2.0M	20x
Short	Phoenix ONDO	0.4528	0.0018	get 0.0002% / 1h	15m 27s	$30K	$222K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.208%Rate

Funding earned: −$17.29
Price spread: +0.208% → +0.021%: $18.74
Slippage, 4 orders: −$28.73
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$42.28
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Phoenix: live order book, 68 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 Aster live order book, 3 min ago	2.20 bp	9.8 bp −$10	46.5 bp −$465	doesn't fit	doesn't fit
Sell Phoenix live order book, 68 min ago	0.90 bp	12.6 bp −$13	43.7 bp −$437	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	−0.1125%	1h	0.4519	0.000%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4523	+0.089%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4515	−0.079%	$6K	—	150x	as long as short
Phoenix ONDOshort	+0.0018%	1h	0.4528	+0.208%	$30K	$222K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.066%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4520	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4519	0.000%	$422K	$680K	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4519	long leg	$760K	$2.0M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4517	−0.050%	$66.7M	$220.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4515	−0.089%	$73.2M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	−0.066%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4528	+0.197%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4519	−0.005%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4517	−0.044%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4515	−0.089%	$47.4M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4515	−0.089%	$13.5M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4516	−0.066%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4515	−0.089%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4522	+0.064%	$193K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4537	+0.404%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4532	+0.299%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4528	+0.200%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4533	+0.310%	$160K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4517	−0.038%	$102K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4525	+0.133%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4521	+0.044%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4528	+0.199%	$130K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4523	+0.089%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4519	−0.008%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4517	−0.040%	$403K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4524	+0.117%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0276%	1h	0.4520	+0.020%	$40.4M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.443%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4531	+0.266%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4521	+0.038%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4527	+0.188%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4515	−0.085%	$561K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4515	−0.089%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9237%	1h	0.4519	−0.006%	$256K	$128K	5x	as long as short