Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.067%

Price spread now: Phoenix against BloFin−0.322%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$470.472% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.508%−$51 on $10k

Price spread, last 3 days (all we have)+0.294%+$29 · spread now −0.322%, 7d avg +0.026%

Together, before fees−0.214%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.348% cheaper against BloFin than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4568	0.0340	pay 0.0170% / 4h	1h 35m	$3.2M	$3.1M	75x
Short	Phoenix ONDO	0.4553	0.0142	get 0.0018% / 1h	35m 33s	$29K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.322%Rate

Funding earned: −$41.58
Price spread: −0.322% → +0.026%: −$34.8
Slippage, 4 orders: −$28.18
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$123.56
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Phoenix: live order book, 42 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 BloFin live order book, 3 min ago	4.36 bp	10.4 bp −$10	16.8 bp −$168	46.5 bp −$4,650	doesn't fit
Sell Phoenix live order book, 42 min ago	1.10 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	−0.0353%	1h	0.4558	−0.223%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4563	−0.103%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4562	−0.131%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4559	−0.197%	$431K	$697K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4559	−0.198%	$740K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4562	−0.137%	$67.1M	$225.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4562	−0.131%	$74.3M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4561	−0.153%	$17.7M	$81.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4573	+0.105%	$74K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4559	−0.192%	—	—	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	0.4555	−0.285%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4554	−0.306%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4555	−0.285%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4562	−0.131%	$25.8M	$41.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4557	−0.241%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4560	−0.166%	$221K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.482%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4571	+0.061%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.092%	$429K	$938K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4563	−0.107%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4561	−0.153%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4561	−0.153%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4572	+0.088%	$133K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4559	−0.197%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4554	−0.308%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4558	−0.213%	$405K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4566	−0.044%	$44K	$8K	3x	as long as short
Phoenix ONDOshort	+0.0142%	1h	0.4553	−0.322%	$29K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	+0.722%	$894	$181K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4564	−0.088%	$26K	$396K	25x	as long as short
ApeX Omni ONDOUSDT	+0.0244%	1h	0.4620	+1.138%	$163K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4574	+0.131%	$301K	$867K	50x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4568	long leg	$3.2M	$3.1M	75x
01 Exchange ONDOUSD	+0.0408%	1h	0.4563	−0.105%	$376	$2K	10x	as long as short
Hyperliquid ONDO	+0.0488%	1h	0.4558	−0.228%	$40.8M	$27.5M	10x	as long as short
Lighter ONDO	+0.0592%	1h	0.4563	−0.099%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0594% / S −0.0191%	1h	0.4562	−0.141%	$549K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4563	−0.110%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1481%	1h	0.4554	−0.296%	$258K	$130K	5x	as long as short