Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.004%

Price spread now: Phoenix against Binance−0.190%85s7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$400.398% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)+0.291%+$29 · spread now −0.190%, 7d avg +0.058%

Together, before fees+0.251%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.248% cheaper against Binance than usual: you would sell low and buy high (spread −0.190% now, against its 7-day average of +0.058%). If the spread goes back, that is −$25 on $10k: about 5.7 days of funding at the current rate (+$4 a day). The two prices were read 85 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	Binance ONDOUSDT	0.4574	0.0100	pay 0.0050% / 4h	7m 58s	$68.4M	$226.0M	75x
Short	Phoenix ONDO	0.4565	0.0244	get 0.0031% / 1h	7m 58s	$38K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.190%Rate

Funding earned: $30.26
Price spread: −0.190% → +0.058%: −$24.83
Slippage, 4 orders: −$22.77
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$34.34
Costs to cover: 0.398%
Break-even: 14.9 days

Slippage from Binance: live order book, 6 min ago; Phoenix: live order book, 65 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 Binance live order book, 6 min ago	1.10 bp	7.1 bp −$7	12.9 bp −$129	46.8 bp −$4,683	doesn't fit
Sell Phoenix live order book, 65 min ago	1.09 bp	12.6 bp −$13	43.6 bp −$436	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	0.4574	+0.001%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.129%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4575	+0.024%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	−0.015%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4572	−0.042%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4573	−0.020%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4579	+0.107%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4578	+0.085%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4574	long leg	$68.4M	$226.0M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4573	−0.020%	$74.1M	$120.6M	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	0.4572	−0.042%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4576	+0.039%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4570	−0.094%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4573	−0.020%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4572	−0.042%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4574	+0.002%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	−0.020%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4574	+0.002%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4577	+0.070%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.242%	$803K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	−0.238%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	−0.271%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4563	−0.238%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	+0.063%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	−0.020%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4575	+0.024%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4584	+0.221%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	+0.002%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4569	−0.097%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4571	−0.061%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	+0.024%	$44K	$8K	3x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4565	−0.190%	$38K	$257K	10x
01 Exchange ONDOUSD	+0.0288%	1h	0.4576	+0.044%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.046%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4568	−0.129%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4574	−0.003%	$545K	—	100x	as long as short
Lighter ONDO	+0.0672%	1h	0.4583	+0.205%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4574	−0.002%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2714%	1h	0.4569	−0.099%	$259K	$132K	5x	as long as short