Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.010%

Price spread now: Phoenix against OKX+0.014%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.320%+$32 · spread now +0.014%, 7d avg +0.106%

Together, before fees+0.277%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.092% cheaper against OKX than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.106%). If the spread goes back, that is −$9 on $10k: about 28 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.2% 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	OKX ONDO-USDT-SWAP	0.4353	0.0100	pay 0.0050% / 4h	49m 32s	$16.7M	$71.7M	50x
Short	Phoenix ONDO	0.4354	0.0365	get 0.0046% / 1h	49m 32s	$35K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.014%Rate

Funding earned: $55.62
Price spread: +0.014% → +0.106%: −$9.22
Slippage, 4 orders: −$27.68
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $1.73
Costs to cover: 0.447%
Break-even: 6.8 days

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 67 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 OKX live order book, 4 min ago	1.14 bp	11.5 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit
Sell Phoenix live order book, 67 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4365	+0.278%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4352	−0.032%	$246K	$129K	5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	+0.244%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.939%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4364	+0.253%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4349	−0.080%	$368K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4355	+0.053%	$37.4M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4352	−0.017%	$62.8M	$228.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4350	−0.069%	$68.9M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4353	long leg	$16.7M	$71.7M	50x

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	0.4339	−0.324%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4347	−0.137%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4349	−0.092%	$11.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4351	−0.046%	$45.7M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4352	−0.023%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4351	−0.046%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4349	−0.092%	—	$21.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4356	+0.062%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.270%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.843%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.828%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4366	+0.299%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4351	−0.041%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	+0.345%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4366	+0.299%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4375	+0.505%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4365	+0.276%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4353	−0.007%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4350	−0.079%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4366	+0.310%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4367	+0.322%	$23K	$346K	25x	as long as short
Aster ONDOUSDT	+0.0208%	4h	0.4354	+0.023%	$730K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4350	−0.078%	$358	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4358	+0.124%	$1.1M	$2.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.942%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	+0.276%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDOshort	+0.0365%	1h	0.4354	+0.014%	$35K	$223K	10x
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0225%	1h	0.4365	+0.277%	$526K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4351	−0.046%	$2K	—	20x	as long as short