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 KuCoin−0.022%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$19 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now −0.022%, 7d avg −0.011%

Together, before fees−0.230%−$23 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4549	0.0100	pay 0.0050% / 4h	24m 46s	$14.0M	$11.1M	50x
Short	Phemex ONDOUSDT	0.4548	0.0100	get 0.0050% / 4h	24m 46s	$4.6M	$6.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0
Price spread: −0.022% → −0.011%: −$1.14
Slippage, 4 orders: −$40.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.79
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Phemex: live order book, 4 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 KuCoin live order book, 4 min ago	1.10 bp	19.6 bp −$20	49.9 bp −$499	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.10 bp	13.7 bp −$14	23.2 bp −$232	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	−0.0802%	1h	0.4547	−0.044%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.418%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4541	−0.186%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4542	−0.154%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	−0.264%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4549	−0.006%	$722K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4544	−0.111%	$68.0M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4543	−0.132%	$73.6M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4541	−0.176%	$17.6M	$80.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	−0.007%	$74K	$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	0.4536	−0.280%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4541	−0.176%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4543	−0.132%	$48.7M	$43.6M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4549	long leg	$14.0M	$11.1M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4544	−0.110%	$25.7M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4543	−0.132%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4551	+0.048%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.066%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4545	−0.087%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.052%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	−0.066%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4541	−0.165%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4540	−0.198%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	−0.044%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4549	0.000%	$133K	$505K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4548	−0.022%	$4.6M	$6.9M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4540	−0.190%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4542	−0.151%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4547	−0.033%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0140%	1h	0.4545	−0.096%	$40.2M	$26.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4544	−0.110%	$35K	$437K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	−0.018%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4539	−0.220%	$296K	$842K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4540	−0.200%	$374	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4547	−0.044%	$3.3M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4541	−0.176%	$542K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4558	+0.193%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4540	−0.200%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3995%	1h	0.4539	−0.220%	$257K	$132K	5x	as long as short