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 HTX−0.369%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1411.414% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 3 days (all we have)+0.369%+$37 · spread now −0.369%, 7d avg −0.138%

Together, before fees+0.168%+$17 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 0.231% cheaper against HTX than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4608	0.0100	pay 0.0050% / 4h	52m 41s	$134K	$505K	50x
Short	Phemex ONDOUSDT	0.4591	0.0100	get 0.0050% / 4h	52m 41s	$4.8M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.369%Rate

Funding earned: $0
Price spread: −0.369% → −0.138%: −$23.09
Slippage, 4 orders: −$117.44
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$164.54
Costs to cover: 1.414%
Break-even: never at this rate

Slippage from HTX: live order book, 26 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 HTX live order book, 26 min ago	27.12 bp	37.7 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	8.72 bp	21.3 bp −$21	30.5 bp −$305	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	−0.0794%	1h	0.4591	−0.369%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.868%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4590	−0.385%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4590	−0.391%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4595	−0.282%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4594	−0.304%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4593	−0.335%	$68.5M	$227.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4590	−0.391%	$74.5M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4590	−0.391%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4591	−0.365%	$75K	$89K	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	0.4594	−0.312%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4589	−0.412%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4592	−0.347%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4591	−0.369%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4593	−0.326%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4592	−0.347%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4601	−0.155%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	−0.102%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4595	−0.279%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4590	−0.391%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4597	−0.228%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4596	−0.260%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	−0.369%	$477	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4608	long leg	$134K	$505K	50x
Phemex ONDOUSDTshort	+0.0100%	4h	0.4591	−0.369%	$4.8M	$6.6M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4590	−0.387%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4592	−0.356%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4595	−0.289%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4593	−0.332%	$38K	$257K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0253%	1h	0.4593	−0.315%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	−0.195%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	−0.347%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4596	−0.258%	$40.7M	$26.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4592	−0.347%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0512%	1h	0.4598	−0.213%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4590	−0.388%	$548K	—	100x	as long as short
Lighter ONDO	+0.1000%	1h	0.4600	−0.165%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4594	−0.297%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6608%	1h	0.4590	−0.382%	$260K	$129K	5x	as long as short