Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.008%

Price spread now: Phoenix against KuCoin−0.507%63s7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as 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−$600.598% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 4 days (all we have)+0.983%+$98 · spread now −0.507%, 7d avg +0.068%

Together, before fees+0.891%+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.574% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.507% now, against its 7-day average of +0.068%). If the spread goes back, that is −$57 on $10k: about 11 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.092%, so the current rate has only just turned in your favour. The two prices were read 63 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	KuCoin ONDOUSDTM	0.4420	0.0100	pay 0.0050% / 4h	1h 32m	$12.9M	$10.8M	50x
Short	Phoenix ONDO	0.4398	0.0272	get 0.0034% / 1h	32m 20s	$35K	$225K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.507%Rate

Funding earned: $36.11
Price spread: −0.507% → +0.068%: −$57.44
Slippage, 4 orders: −$40.78
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.12
Costs to cover: 0.598%
Break-even: 22.7 days

Slippage from KuCoin: live order book, 6 min ago; Phoenix: live order book, 24 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, 6 min ago	2.28 bp	17.2 bp −$17	44.2 bp −$442	doesn't fit	doesn't fit
Sell Phoenix live order book, 24 min ago	0.90 bp	12.5 bp −$12	43.3 bp −$433	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
dYdX ONDO-USD	+0.0002%	1h	0.4416	−0.091%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4418	−0.046%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.348%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4420	+0.010%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4420	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4421	+0.023%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4420	+0.002%	$64.2M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4420	0.000%	$69.9M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4421	+0.023%	$17.1M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4419	−0.020%	$72K	$87K	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	0.4418	−0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4418	−0.045%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4420	0.000%	$46.9M	$41.3M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4420	long leg	$12.9M	$10.8M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4421	+0.023%	$25.2M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4421	+0.023%	—	$21.9M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.257%	$713K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4414	−0.142%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4415	−0.113%	$408K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4417	−0.068%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4422	+0.036%	$71K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4422	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4422	+0.045%	$460	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4429	+0.204%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4421	+0.023%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4420	−0.005%	$399K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4423	+0.068%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0106%	8h	0.4422	+0.050%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0152%	4h	0.4426	+0.136%	$714K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0199%	1h	0.4424	+0.088%	$38.4M	$24.5M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0208%	1h	0.4424	+0.086%	$191K	$979K	15x	as long as short
Phoenix ONDOshort	+0.0272%	1h	0.4398	−0.507%	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4421	+0.023%	$3.1M	$3.1M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4407	−0.294%	$283K	$700K	50x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4424	+0.093%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4416	−0.088%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0655%	1h	0.4422	+0.045%	$23K	$349K	25x	as long as short
Lighter ONDO	+0.0896%	1h	0.4430	+0.219%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4420	+0.004%	$2K	—	20x	as long as short