Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −1.480%

Price spread now: Phemex against dYdX+0.408%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$521as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$2312.310% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.904%−$290 on $10k

Price spread, last 4 days (all we have)−0.764%−$76 · spread now +0.408%, 7d avg +0.023%

Together, before fees−3.669%−$367 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.385% dearer against dYdX than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of +0.023%. Mind the row above: over the last 7 days funding on this pair cost −2.904%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4384	0	get 0.0000% / 1h	36m 54s	$248K	$129K	5x
Short	Phemex ONDOUSDT	0.4402	0.0100	get 0.0050% / 4h	1h 36m	$4.2M	$7.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.408%Rate

Funding earned: $21
Price spread: +0.408% → +0.023%: $38.52
Slippage, 4 orders: −$209.03
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$171.51
Costs to cover: 2.310%
Break-even: 64.2 days

Slippage from dYdX: live order book, 27 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 dYdX live order book, 27 min ago	83.09 bp	88.1 bp −$88	88.1 bp −$881	116.7 bp −$11.7K	746.7 bp −$373.3K
Sell Phemex live order book, 2 min ago	2.28 bp	13.9 bp −$14	20.6 bp −$206	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
dYdX ONDO-USDlong	0.0000%	1h	0.4384	long leg	$248K	$129K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	+0.333%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.194%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4397	+0.297%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4398	+0.317%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4401	+0.385%	$373K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4402	+0.408%	$63.9M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4399	+0.339%	$69.4M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4401	+0.385%	$17.0M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	+0.262%	$72K	$86K	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	0.4393	+0.197%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4398	+0.317%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4402	+0.408%	$46.8M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4399	+0.339%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	+0.408%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4400	+0.362%	—	$758K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	+0.240%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4396	+0.276%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.118%	$405K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4392	+0.180%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4403	+0.426%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4401	+0.385%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4399	+0.339%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	+0.590%	$130K	$473K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4402	+0.408%	$4.2M	$7.6M	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4395	+0.248%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4401	+0.392%	$397K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	+0.387%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0126%	4h	0.4401	+0.392%	$711K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0152%	1h	0.4405	+0.483%	$38.2M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0181%	1h	0.4404	+0.451%	$190K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4398	+0.307%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4400	+0.362%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4400	+0.362%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4399	+0.332%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4399	+0.339%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4398	+0.322%	$485K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4407	+0.515%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4402	+0.401%	$2K	—	20x	as long as short