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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bitget−0.066%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now −0.066%, 7d avg +0.005%

Together, before fees−0.114%−$11 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 0.070% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4567	0.0100	pay 0.0050% / 4h	1h 12m	$25.9M	$41.5M	50x
Short	Phemex ONDOUSDT	0.4564	0.0100	get 0.0050% / 4h	1h 12m	$4.7M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → +0.005%: −$7.05
Slippage, 4 orders: −$30.1
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$61.15
Costs to cover: 0.541%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Phemex: live order book, 2 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 Bitget live order book, 2 min ago	2.19 bp	11.3 bp −$11	23.2 bp −$232	103.2 bp −$10.3K	doesn't fit
Sell Phemex live order book, 2 min ago	7.67 bp	13.9 bp −$14	29.2 bp −$292	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	−0.0352%	1h	0.4565	−0.037%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4567	+0.003%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4567	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	+0.038%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4569	+0.039%	$729K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4566	−0.013%	$67.8M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4564	−0.066%	$74.0M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4558	−0.197%	$17.8M	$81.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.462%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	+0.079%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4567	0.000%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4564	−0.066%	$49.2M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	−0.022%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4567	long leg	$25.9M	$41.5M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4569	+0.044%	—	$741K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4598	+0.677%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.798%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4600	+0.718%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.876%	$165K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4573	+0.131%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4570	+0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4567	0.000%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	+0.241%	$133K	$505K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4564	−0.066%	$4.7M	$6.5M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4570	+0.066%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4566	−0.031%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4570	+0.055%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4586	+0.412%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0148%	1h	0.4569	+0.053%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.022%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.066%	$31K	$432K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.613%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	−0.044%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0403%	1h	0.4573	+0.127%	$40.6M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4575	+0.182%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0187%	1h	0.4567	−0.001%	$544K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4576	+0.193%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4568	+0.029%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5001%	1h	0.4570	+0.061%	$259K	$129K	5x	as long as short