Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.019%

Price spread now: Phemex against Deribit−0.022%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now −0.022%, 7d avg −0.012%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4530	0.0192	pay 0.0024% / 1h	27m 03s	$19K	$364K	25x
Short	Phemex ONDOUSDT	0.4529	0.0100	get 0.0050% / 4h	2h 27m	$4.8M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$19.32
Price spread: −0.022% → −0.012%: −$0.96
Slippage, 4 orders: −$33.93
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$73.21
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Deribit: live order book, 61 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 Deribit live order book, 61 min ago	8.89 bp	12.4 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.11 bp	15.9 bp −$16	22.7 bp −$227	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	−0.1124%	1h	0.4525	−0.105%	$3.0M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4528	−0.054%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4523	−0.152%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.177%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4528	−0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4528	−0.044%	$426K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4528	−0.046%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4529	−0.022%	$66.7M	$220.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4528	−0.044%	$73.5M	$117.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4529	−0.022%	$17.8M	$80.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4536	+0.124%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4527	−0.057%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4526	−0.088%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4528	−0.044%	$47.6M	$45.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4527	−0.066%	$13.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4529	−0.022%	$25.6M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4528	−0.044%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4531	+0.015%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	−0.038%	$783K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	−0.043%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4527	−0.073%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4529	−0.022%	$159K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4529	−0.013%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4529	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4529	−0.022%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4537	+0.155%	$126K	$512K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4529	−0.022%	$4.8M	$6.2M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4527	−0.067%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4528	−0.033%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4530	0.000%	$36K	—	3x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0192%	1h	0.4530	long leg	$19K	$364K	25x
Hyperliquid ONDO	+0.0250%	1h	0.4533	+0.075%	$40.8M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.088%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4525	−0.110%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4533	+0.073%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4536	+0.141%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4528	−0.049%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4528	−0.038%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9645%	1h	0.4524	−0.124%	$256K	$123K	5x	as long as short