Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.020%

Price spread now: Phoenix against MEXC−0.224%107s7-day average +0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$290.292% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+1.095%+$110 · spread now −0.224%, 7d avg +0.087%

Together, before fees+1.083%+$108 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.311% cheaper against MEXC than usual: you would sell low and buy high (spread −0.224% now, against its 7-day average of +0.087%). If the spread goes back, that is −$31 on $10k: about 4.8 days of funding at the current rate (+$6 a day). The two prices were read 107 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 -0.013% in total (about -0.7% a year). A funding rate is set anew for every payment. 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	MEXC ONDO_USDT	0.4334	0.0100	pay 0.0050% / 4h	3h 57m	$44.3M	$41.7M	200x
Short	Phoenix ONDO	0.4324	0.0315	get 0.0039% / 1h	57m 39s	$35K	$217K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now −0.224%Rate

Funding earned: $45.13
Price spread: −0.224% → +0.087%: −$31.12
Slippage, 4 orders: −$22.18
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$15.18
Costs to cover: 0.292%
Break-even: 9.4 days

Slippage from MEXC: live order book, 1 min ago; Phoenix: live order book, 35 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 MEXC live order book, 1 min ago	1.15 bp	1.2 bp −$1	5.1 bp −$51	18.1 bp −$1,813	101.3 bp −$50.6K
Sell Phoenix live order book, 35 min ago	0.93 bp	12.6 bp −$13	43.8 bp −$438	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
Phemex ONDOUSDT	−0.1518%	4h	0.4325	−0.208%	$4.2M	$9.0M	50x	as long as short
Kraken Futures PF_ONDOUSD	−0.0177%	1h	0.4327	−0.152%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4327	−0.162%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.399%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4338	+0.081%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4331	−0.069%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	+0.028%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4333	−0.016%	$63.3M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4333	−0.023%	$68.3M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4335	+0.023%	$17.3M	$72.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.381%	$71K	$80K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4330	−0.095%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4332	−0.046%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4334	long leg	$44.3M	$41.7M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4329	−0.115%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4334	0.000%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4333	−0.023%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4326	−0.175%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.233%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.303%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4326	−0.185%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	−0.392%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4330	−0.081%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4328	−0.138%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4330	−0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4329	−0.115%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4338	+0.092%	$129K	$369K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4334	−0.002%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4334	−0.002%	$366K	$827K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	−0.092%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4330	−0.092%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4332	−0.046%	$214K	$734K	50x	as long as short
01 Exchange ONDOUSD	+0.0304%	1h	0.4338	+0.095%	$357	$2K	10x	as long as short
Phoenix ONDOshort	+0.0315%	1h	0.4324	−0.224%	$35K	$217K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4322	−0.277%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4326	−0.185%	$495K	—	100x	as long as short
Hyperliquid ONDO	+0.0585%	1h	0.4335	+0.028%	$36.6M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4329	−0.125%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1751%	1h	0.4329	−0.105%	$243K	$155K	5x	as long as short