Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0537%/8h= +58.8% APRpaid last 24h −0.106%

Price spread now: Phemex against Kraken Futures−0.124%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$680.684% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now −0.124%, 7d avg −0.061%

Together, before fees−0.409%−$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.063% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.061%). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.462%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4411	−0.0362	get 0.0045% / 1h	3m 17s	$2.6M	$8.2M	50x
Short	Phemex ONDOUSDT	0.4406	0.0175	get 0.0088% / 4h	2h 03m	$4.2M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now −0.124%Rate

Funding earned: $112.8
Price spread: −0.124% → −0.061%: −$6.29
Slippage, 4 orders: −$46.37
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $38.15
Costs to cover: 0.684%
Break-even: 4.6 days

Slippage from Kraken Futures: live order book, 6 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 Kraken Futures live order book, 6 min ago	3.42 bp	17.0 bp −$17	24.0 bp −$240	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.56 bp	18.1 bp −$18	23.1 bp −$231	doesn't fit	doesn't fit

ONDO on 38 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_ONDOUSDlong	−0.0362%	1h	0.4411	long leg	$2.6M	$8.2M	50x
dYdX ONDO-USD	0.0000%	1h	0.4408	−0.074%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4407	−0.103%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.548%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4410	−0.033%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.028%	$381K	$835K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4413	+0.027%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4408	−0.079%	$64.0M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4407	−0.101%	$69.8M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	−0.079%	$17.1M	$72.9M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.521%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	−0.029%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4407	−0.101%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.079%	$46.7M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4410	−0.033%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4406	−0.124%	$25.0M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4406	−0.124%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.425%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.438%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.285%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.509%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4412	+0.010%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	−0.079%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	+0.035%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	+0.193%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	+0.022%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	−0.001%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4413	+0.035%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0172%	1h	0.4406	−0.119%	$196K	$989K	15x	as long as short
Phemex ONDOUSDTshort	+0.0175%	4h	0.4406	−0.124%	$4.2M	$7.5M	50x
Hyperliquid ONDO	+0.0230%	1h	0.4412	+0.012%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.239%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4393	−0.421%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4415	+0.069%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4412	+0.012%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4406	−0.133%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4419	+0.164%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4409	−0.045%	$2K	—	20x	as long as short