Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Phemex against Extended−0.081%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now −0.081%, 7d avg +0.053%

Together, before fees−0.252%+ Points / potential airdropExtended: Active · farm board−$25 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 0.134% cheaper against Extended than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ONDO-USD	0.4390	0.0104	pay 0.0013% / 1h	38m 17s	$397K	$789K	25x
Short	Phemex ONDOUSDT	0.4386	0.0100	get 0.0050% / 4h	1h 38m	$4.2M	$7.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$0.84
Price spread: −0.081% → +0.053%: −$13.41
Slippage, 4 orders: −$25.47
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$56.72
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Extended: live order book, 25 min ago; Phemex: live order book, 6 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 Extended live order book, 25 min ago	4.54 bp	7.0 bp −$7	16.2 bp −$162	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.27 bp	14.4 bp −$14	30.3 bp −$303	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-USD	0.0000%	1h	0.4389	−0.006%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4388	−0.033%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.066%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4387	−0.048%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4389	−0.012%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4394	+0.090%	$372K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4387	−0.058%	$63.7M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4387	−0.058%	$69.2M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4387	−0.058%	$16.9M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	+0.138%	$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	0.4390	+0.019%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4388	−0.035%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4387	−0.058%	$47.1M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4386	−0.081%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4387	−0.058%	$25.0M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4388	−0.035%	—	$757K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	+0.116%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4396	+0.152%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4410	+0.455%	$407K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.352%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4392	+0.051%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4390	+0.010%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4390	+0.010%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4394	+0.102%	$129K	$473K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4386	−0.081%	$4.2M	$7.6M	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4392	+0.060%	$6K	—	10x	as long as short
Extended ONDO-USDlong	+0.0104%	1h	0.4390	long leg	$397K	$789K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4392	+0.058%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0125%	4h	0.4392	+0.055%	$709K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0137%	1h	0.4393	+0.085%	$38.1M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0176%	1h	0.4387	−0.051%	$189K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4410	+0.468%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	+0.102%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4400	+0.238%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4395	+0.122%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4390	+0.010%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4389	−0.016%	$484K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4397	+0.177%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4390	+0.015%	$2K	—	20x	as long as short