Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.010%

Price spread now: Phoenix against edgeX+0.119%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.119%, 7d avg +0.069%

Together, before fees−0.084%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.050% dearer against edgeX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.069%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.029% in total (about -1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4391	0.0100	pay 0.0050% / 4h	0m 41s	$4K	$317K	20x
Short	Phoenix ONDO	0.4396	0.0365	get 0.0046% / 1h	0m 41s	$35K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.119%Rate

Funding earned: $55.62
Price spread: +0.119% → +0.069%: $4.95
Slippage, 4 orders: −$27.37
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.21
Costs to cover: 0.434%
Break-even: 4.8 days

Slippage from edgeX: live order book, 57 min ago; Phoenix: live order book, 52 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, 57 min ago	4.59 bp	9.1 bp −$9	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phoenix live order book, 52 min ago	0.91 bp	12.6 bp −$13	43.7 bp −$437	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4398	+0.148%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4398	+0.146%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.024%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4406	+0.340%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4397	+0.130%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4401	+0.233%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4405	+0.304%	$63.7M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	+0.244%	$68.1M	$126.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	+0.244%	$17.2M	$73.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4386	−0.114%	$73K	$84K	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	0.4400	+0.205%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4400	+0.198%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4401	+0.221%	$44.8M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	+0.198%	$12.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4401	+0.221%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4401	+0.221%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4401	+0.233%	$187K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	+0.169%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4391	long leg	$4K	$317K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	+0.040%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	+0.107%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4400	+0.210%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4402	+0.244%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4399	+0.176%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4408	+0.381%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4399	+0.176%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4400	+0.196%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4401	+0.217%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	+0.215%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0150%	1h	0.4405	+0.317%	$37.9M	$24.7M	10x	as long as short
dYdX ONDO-USD	+0.0200%	1h	0.4399	+0.187%	$249K	$129K	5x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4402	+0.239%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0227%	4h	0.4404	+0.300%	$763K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4402	+0.244%	$272K	$731K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4404	+0.289%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOshort	+0.0365%	1h	0.4396	+0.119%	$35K	$223K	10x
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4400	+0.198%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4397	+0.130%	$523K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4401	+0.215%	$2K	—	20x	as long as short