Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h +0.005%

Price spread now: Phoenix against BingX+0.350%109s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$430.431% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.350% dearer against BingX than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.081%, so the current rate has only just turned in your favour. The two prices were read 109 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 -0.081% in total (about -4.2% a year). A funding rate is set anew for every payment. 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	BingX ONDO-USDT	0.4394	0.0100	pay 0.0050% / 4h	2h 07m	—	$22.2M	—
Short	Phoenix ONDO	0.4409	0.0338	get 0.0042% / 1h	7m 36s	$35K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.350%Rate

Funding earned: $50.01
Price spread: +0.350% → 0.000%: $35.05
Slippage, 4 orders: −$26.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $41.96
Costs to cover: 0.431%
Break-even: 1.1 days

Slippage from BingX: live order book, 16 min ago; Phoenix: live order book, 55 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 BingX live order book, 16 min ago	2.26 bp	7.9 bp −$8	13.8 bp −$138	37.7 bp −$3,768	330.9 bp −$165.4K
Sell Phoenix live order book, 55 min ago	1.10 bp	12.7 bp −$13	43.6 bp −$436	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4393	−0.030%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4395	+0.025%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4395	+0.025%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.960%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4396	+0.046%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4389	−0.108%	$380K	$841K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4398	+0.091%	$677K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4396	+0.046%	$63.8M	$229.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4395	+0.023%	$69.6M	$124.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4394	0.000%	$17.0M	$74.2M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	+0.109%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4388	−0.147%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.046%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.023%	$46.4M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	0.000%	$13.0M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4393	−0.023%	$24.9M	$39.8M	50x	as long as short
BingX ONDO-USDTlong	+0.0100%	4h	0.4394	long leg	—	$22.2M	—
Variational Omni ONDO	+0.0100%	4h	0.4398	+0.085%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4401	+0.149%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.172%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	+0.091%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4394	−0.007%	$90K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4395	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4398	+0.091%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4406	+0.273%	$129K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4393	−0.017%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4394	0.000%	$396K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4400	+0.137%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0166%	1h	0.4397	+0.071%	$196K	$996K	15x	as long as short
Hyperliquid ONDO	+0.0235%	1h	0.4401	+0.155%	$38.6M	$24.0M	10x	as long as short
Phemex ONDOUSDT	+0.0308%	4h	0.4393	−0.023%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.637%	$284K	$707K	50x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4409	+0.350%	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4392	−0.036%	$361	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4399	+0.114%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4395	+0.029%	$485K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4405	+0.250%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4393	−0.018%	$2K	—	20x	as long as short