Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against edgeX−0.156%78s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$480.485% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now −0.156%, 7d avg +0.015%

Together, before fees−0.061%+ Points / potential airdropedgeX: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.171% cheaper against edgeX than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.015%. The two prices were read 78 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	edgeX ONDOUSDC	0.4528	0.0100	pay 0.0050% / 4h	2h 26m	$5K	$319K	20x
Short	Phemex ONDOUSDT	0.4521	0.0100	get 0.0050% / 4h	2h 26m	$4.8M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now −0.156%Rate

Funding earned: $0
Price spread: −0.156% → +0.015%: −$17.08
Slippage, 4 orders: −$27.48
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.56
Costs to cover: 0.485%
Break-even: never at this rate

Slippage from edgeX: live order book, 62 min ago; Phemex: live order book, 3 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 edgeX live order book, 62 min ago	5.55 bp	10.3 bp −$10	16.7 bp −$167	doesn't fit	doesn't fit
Sell Phemex live order book, 3 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	−0.1122%	1h	0.4535	+0.144%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	+0.219%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4536	+0.186%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4523	−0.110%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.134%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4537	+0.197%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4535	+0.159%	$427K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4536	+0.172%	$762K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4538	+0.219%	$67.0M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4537	+0.197%	$73.6M	$117.9M	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	0.4537	+0.197%	$17.8M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4534	+0.140%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4533	+0.100%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4535	+0.153%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4536	+0.175%	$47.7M	$45.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4534	+0.131%	$13.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4537	+0.197%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4536	+0.175%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4531	+0.058%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	+0.005%	$783K	$2.0M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4528	long leg	$5K	$319K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4527	−0.031%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4529	+0.021%	$159K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4537	+0.195%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4537	+0.197%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4536	+0.175%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4543	+0.330%	$128K	$515K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4521	−0.156%	$4.8M	$6.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4534	+0.125%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4536	+0.186%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4539	+0.241%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0260%	1h	0.4540	+0.261%	$40.8M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.241%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4525	−0.068%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4538	+0.226%	$374	$2K	10x	as long as short
Lighter ONDO	+0.0536%	1h	0.4530	+0.032%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4536	+0.178%	$564K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	+0.154%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9641%	1h	0.4532	+0.089%	$256K	$123K	5x	as long as short