ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1112%/8h= +121.8% APRnext payment +$1.39 per $10,000 · paid last 24h −0.130%

Price spread now: Phoenix against Kraken Futures+0.259%71s7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as 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−$700.699% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.377%−$38 on $10k

Price spread, last 3 days (all we have)−0.368%−$37 · spread now +0.259%, 7d avg −0.007%

Together, before fees−0.744%−$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Phoenix is 0.266% dearer against Kraken Futures than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of −0.007%. Mind the row above: over the last 7 days funding on this pair cost −0.377%, so the current rate has only just turned in your favour. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.377% in total (about -19.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.39 per $10,000. 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	Kraken Futures PF_ONDOUSD	0.4601	−0.0868	get 0.0109% / 1h	10m 16s	$2.8M	$7.9M	50x
Short	Phoenix ONDO	0.4613	0.0244	get 0.0031% / 1h	10m 16s	$38K	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.259%Rate

Funding earned: $233.62
Price spread: +0.259% → −0.007%: $26.6
Slippage, 4 orders: −$52.88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $190.34
Costs to cover: 0.699%
Break-even: 1.3 days

Slippage from Kraken Futures: live order book, 4 min ago; Phoenix: live order book, 57 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, 4 min ago	8.67 bp	25.5 bp −$26	36.2 bp −$362	doesn't fit	doesn't fit
Sell Phoenix live order book, 57 min ago	1.09 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
Kraken Futures PF_ONDOUSDlong	−0.0868%	1h	0.4601	long leg	$2.8M	$7.9M	50x
dYdX ONDO-USD	0.0000%	1h	0.4607	+0.124%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4603	+0.041%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.719%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4603	+0.042%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4609	+0.177%	$432K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4606	+0.107%	$69.0M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4604	+0.063%	$74.2M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4603	+0.042%	$17.6M	$77.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.524%	$73K	$92K	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	0.4607	+0.120%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4605	+0.085%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4607	+0.129%	$49.8M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4607	+0.129%	$14.3M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4603	+0.042%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4606	+0.107%	—	$744K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4599	−0.051%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.310%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.273%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.324%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4610	+0.185%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4609	+0.172%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	+0.020%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+0.259%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4603	+0.042%	$4.5M	$7.1M	50x	as long as short
Aster ONDOUSDT	+0.0101%	4h	0.4610	+0.197%	$727K	$2.1M	20x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	+0.158%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4601	+0.003%	$417K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4606	+0.101%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0118%	1h	0.4598	−0.071%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4604	+0.063%	$34K	$342K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4613	+0.259%	$38K	$248K	10x
01 Exchange ONDOUSD	+0.0280%	1h	0.4612	+0.246%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4605	+0.085%	$300K	$818K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4603	+0.042%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0367%	1h	0.4611	+0.222%	$41.0M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4603	+0.046%	$550K	—	100x	as long as short
Lighter ONDO	+0.0664%	1h	0.4611	+0.207%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4607	+0.123%	$2K	—	20x	as long as short