ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0232%/8h= +25.4% APRnext payment +$0.29 per $10,000 · paid last 24h +0.013%

Price spread now: Phoenix against Backpack+0.416%80s7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as 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−$440.438% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.334%−$33 · spread now +0.416%, 7d avg +0.065%

Together, before fees−0.418%−$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.351% dearer against Backpack than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of +0.065%. Mind the row above: over the last 7 days funding on this pair cost −0.084%, so the current rate has only just turned in your favour. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.084% in total (about -4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.29 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4324	0.0100	pay 0.0013% / 1h	43m 49s	$176K	$984K	15x
Short	Phoenix ONDO	0.4342	0.0332	get 0.0042% / 1h	43m 49s	$35K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now +0.416%Rate

Funding earned: $48.79
Price spread: +0.416% → +0.065%: $35.09
Slippage, 4 orders: −$26.81
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $40.07
Costs to cover: 0.438%
Break-even: 1.3 days

Slippage from Backpack: live order book, 10 min ago; Phoenix: live order book, 63 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 Backpack live order book, 10 min ago	1.27 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 63 min ago	0.91 bp	12.6 bp −$13	43.8 bp −$438	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	−0.0241%	1h	0.4323	−0.035%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4325	+0.016%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4324	−0.009%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0033%	1h	0.4325	+0.019%	$248K	$133K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.636%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4324	−0.002%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4326	+0.044%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4323	−0.030%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	−0.030%	$350K	$874K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4323	−0.023%	$36.3M	$25.9M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4326	+0.029%	$775K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4323	−0.019%	$62.3M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4321	−0.076%	$67.3M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4322	−0.053%	$17.2M	$72.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	+0.183%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4323	−0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4323	−0.030%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	−0.030%	$43.0M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.053%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	−0.076%	$24.8M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4323	−0.030%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4324	long leg	$176K	$984K	15x
Variational Omni ONDO	+0.0100%	4h	0.4329	+0.103%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4335	+0.244%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4334	+0.227%	$399K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4333	+0.201%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4325	+0.016%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4325	+0.016%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4325	+0.016%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	+0.201%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4324	−0.007%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4325	+0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	−0.068%	$389K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4326	+0.044%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.502%	$218K	$767K	50x	as long as short
Phoenix ONDOshort	+0.0332%	1h	0.4342	+0.416%	$35K	$223K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4327	+0.062%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4323	−0.019%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4324	+0.004%	$2K	—	20x	as long as short