Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h +0.023%

Price spread now: Phoenix against Orderly+0.189%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.189% dearer against Orderly than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4330	0.0100	pay 0.0050% / 4h	3h 39m	$23K	$6K	10x
Short	Phoenix ONDO	0.4338	0.0277	get 0.0035% / 1h	39m 08s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.189%Rate

Funding earned: $37.24
Price spread: +0.189% → 0.000%: $18.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $43.18
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 53 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 53 min ago	0.93 bp	12.6 bp −$13	43.8 bp −$438	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0177%	1h	0.4327	−0.073%	$2.5M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4332	+0.046%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4330	−0.002%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.497%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4331	+0.021%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4331	+0.023%	$346K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	+0.112%	$759K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4332	+0.055%	$63.3M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4330	0.000%	$68.3M	$121.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	+0.046%	$17.3M	$71.8M	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	0.4327	−0.069%	$71K	$79K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4332	+0.042%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4330	0.000%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	+0.023%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4328	−0.046%	$12.1M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4332	+0.046%	$24.9M	$36.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4331	+0.023%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4331	+0.018%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4327	−0.074%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4329	−0.017%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4330	−0.002%	$399K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4329	−0.023%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	+0.046%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4330	long leg	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4332	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4327	−0.069%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4335	+0.115%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4331	+0.023%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4331	+0.019%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	−0.009%	$363K	$832K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	−0.011%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.208%	$214K	$719K	50x	as long as short
Phoenix ONDOshort	+0.0277%	1h	0.4338	+0.189%	$35K	$218K	10x
01 Exchange ONDOUSD	+0.0280%	1h	0.4334	+0.081%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4328	−0.046%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4329	−0.012%	$495K	—	100x	as long as short
Hyperliquid ONDO	+0.0615%	1h	0.4336	+0.147%	$36.5M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4331	+0.017%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2621%	1h	0.4330	−0.011%	$243K	$155K	5x	as long as short