Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.143%

Price spread now: Phemex against Coinbase International0.000%7-day average −0.220% · you sell dearer than you buy

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.950%−$95 on $10k

Price spread, last 3 days (all we have)−0.274%−$27 · spread now 0.000%, 7d avg −0.220%

Together, before fees−1.224%−$122 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.220% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.220%): +$22 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 7 days (−0.950% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4581	0.0304	pay 0.0038% / 1h	0m 18s	$297K	$844K	50x
Short	Phemex ONDOUSDT	0.4581	0.0100	get 0.0050% / 4h	0m 18s	$4.6M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$42.84
Price spread: 0.000% → −0.220%: $21.98
Slippage, 4 orders: −$52.14
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95
Costs to cover: 0.741%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 13 min ago; Phemex: live order book, 4 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 Coinbase International live order book, 13 min ago	8.77 bp	25.9 bp −$26	46.2 bp −$462	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	6.54 bp	17.4 bp −$17	25.0 bp −$250	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	−0.0796%	1h	0.4580	−0.031%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.284%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4582	+0.022%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4581	+0.004%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4579	−0.044%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4582	+0.033%	$440K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4585	+0.090%	$40.6M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	+0.022%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4581	−0.006%	$68.5M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4578	−0.065%	$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	0.4577	−0.087%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.114%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4581	−0.003%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4580	−0.022%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4581	0.000%	$49.1M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4581	0.000%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4581	0.000%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4581	0.000%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4583	+0.048%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.155%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4582	+0.018%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	−0.196%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4583	+0.044%	$175K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4584	+0.065%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4581	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4581	0.000%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4593	+0.262%	$135K	$503K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4581	0.000%	$4.6M	$7.0M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4582	+0.015%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4580	−0.020%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.055%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.090%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4583	+0.037%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0304%	1h	0.4581	long leg	$297K	$844K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4577	−0.087%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4581	−0.010%	$547K	—	100x	as long as short
Lighter ONDO	+0.0640%	1h	0.4589	+0.172%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4581	−0.004%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2346%	1h	0.4581	−0.006%	$259K	$132K	5x	as long as short