ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1405%/8h= −153.9% APRnext payment −$1.76 per $10,000 · paid last 24h −1.248%

Price spread now: Phoenix against dYdX+0.027%46s7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$392as 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−$1131.128% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−2.796%−$280 on $10k

Price spread, last 4 days (all we have)+0.872%+$87 · spread now +0.027%, 7d avg +0.100%

Together, before fees−1.924%−$192 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$42 a day on $10k at the current rate, and Phoenix is 0.073% cheaper against dYdX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.100%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4323	0.1720	pay 0.0215% / 1h	0m 19s	$243K	$155K	5x
Short	Phoenix ONDO	0.4324	0.0315	get 0.0039% / 1h	0m 19s	$35K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$295.08
Price spread: +0.027% → +0.100%: −$7.33
Slippage, 4 orders: −$95.8
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$415.21
Costs to cover: 1.128%
Break-even: never at this rate

Slippage from dYdX: live order book, 39 min ago; Phoenix: live order book, 32 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, 39 min ago	34.48 bp	40.8 bp −$41	105.4 bp −$1,054	149.5 bp −$14.9K	800.2 bp −$400.1K
Sell Phoenix live order book, 32 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	0.4323	−0.012%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4324	+0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.664%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	+0.096%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4320	−0.061%	$345K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4324	+0.020%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4323	+0.003%	$63.1M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4322	−0.026%	$68.1M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4324	+0.020%	$17.3M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.130%	$71K	$80K	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	0.4322	−0.017%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4321	−0.049%	$13.0M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4322	−0.026%	$44.1M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.026%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4323	−0.003%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4322	−0.026%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4326	+0.073%	$176K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.018%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.053%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	+0.018%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	−0.142%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4323	−0.015%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.049%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4320	−0.073%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4324	+0.020%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	+0.228%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4324	+0.020%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4322	−0.018%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4322	−0.021%	$364K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4325	+0.055%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4326	+0.064%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4325	+0.043%	$214K	$733K	50x	as long as short
Phoenix ONDOshort	+0.0315%	1h	0.4324	+0.027%	$35K	$221K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.073%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0434%	1h	0.4327	+0.096%	$36.6M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0444%	1h	0.4327	+0.089%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4323	−0.008%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4322	−0.030%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1720%	1h	0.4323	long leg	$243K	$155K	5x