Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.020%

Price spread now: Phoenix against Bybit+0.167%95s7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as 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−$420.416% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.705%+$71 · spread now +0.167%, 7d avg +0.119%

Together, before fees+0.703%+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.047% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.119%. The two prices were read 95 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 -0.002% in total (about -0.1% 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	Bybit ONDOUSDT	0.4321	0.0100	pay 0.0050% / 4h	1m 55s	$68.2M	$122.1M	50x
Short	Phoenix ONDO	0.4328	0.0315	get 0.0039% / 1h	1m 55s	$35K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.167%Rate

Funding earned: $45.13
Price spread: +0.167% → +0.119%: $4.75
Slippage, 4 orders: −$23.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $8.25
Costs to cover: 0.416%
Break-even: 5.7 days

Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 30 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 Bybit live order book, 2 min ago	1.16 bp	8.9 bp −$9	13.6 bp −$136	48.4 bp −$4,837	doesn't fit
Sell Phoenix live order book, 30 min ago	0.93 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	−0.0176%	1h	0.4319	−0.045%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	−0.090%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.716%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.069%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4320	−0.017%	$345K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4322	+0.023%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4322	+0.023%	$63.1M	$234.1M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4321	long leg	$68.2M	$122.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4321	0.000%	$17.3M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4329	+0.187%	$71K	$81K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4320	−0.031%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	−0.023%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	−0.023%	$44.1M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4319	−0.046%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4320	−0.023%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4321	0.000%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4320	−0.012%	$175K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4323	+0.044%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.006%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	+0.044%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4322	+0.023%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	+0.030%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4318	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4319	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4320	−0.023%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4329	+0.185%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	−0.046%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4320	−0.022%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	−0.064%	$364K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4321	+0.004%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4323	+0.042%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4325	+0.093%	$214K	$733K	50x	as long as short
Phoenix ONDOshort	+0.0315%	1h	0.4328	+0.167%	$35K	$221K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.023%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0430%	1h	0.4326	+0.116%	$36.6M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0445%	1h	0.4321	0.000%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4317	−0.084%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4320	−0.032%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1718%	1h	0.4318	−0.075%	$242K	$155K	5x	as long as short