Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.007%

Price spread now: Phoenix against Gate+0.123%92s7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$610.606% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.123%, 7d avg +0.107%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.107%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 92 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	Gate ONDO_USDT	0.4563	0.0100	pay 0.0050% / 4h	9m 40s	$12.0M	$18.1M	50x
Short	Phoenix ONDO	0.4569	0.0244	get 0.0031% / 1h	9m 40s	$38K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.123%Rate

Funding earned: $30.26
Price spread: +0.123% → +0.107%: $1.55
Slippage, 4 orders: −$38.56
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.75
Costs to cover: 0.606%
Break-even: 13.6 days

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 63 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 Gate live order book, 4 min ago	2.19 bp	17.3 bp −$17	35.1 bp −$351	44.8 bp −$4,482	73.1 bp −$36.6K
Sell Phoenix live order book, 63 min ago	1.09 bp	12.6 bp −$13	43.6 bp −$436	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	−0.0799%	1h	0.4565	+0.044%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.110%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4568	+0.110%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4566	+0.071%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4565	+0.044%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4567	+0.082%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4572	+0.193%	$40.4M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4568	+0.110%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4565	+0.040%	$68.2M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4563	0.000%	$74.0M	$120.6M	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	0.4561	−0.044%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4576	+0.278%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	+0.166%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4563	long leg	$12.0M	$18.1M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4564	+0.022%	$48.9M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4564	+0.022%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4566	+0.066%	$25.8M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4567	+0.088%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4568	+0.121%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.004%	$803K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	0.000%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4562	−0.020%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4563	0.000%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4573	+0.224%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4565	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4566	+0.066%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4576	+0.285%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4566	+0.066%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4563	−0.005%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4565	+0.035%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4569	+0.131%	$44K	$8K	3x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4569	+0.123%	$38K	$257K	10x
01 Exchange ONDOUSD	+0.0288%	1h	0.4573	+0.221%	$376	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.285%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	+0.044%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4565	+0.045%	$545K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4573	+0.228%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4565	+0.045%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2768%	1h	0.4566	+0.058%	$258K	$132K	5x	as long as short