Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h +0.010%

Price spread now: Phoenix against Paradex+0.114%46s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.114% dearer against Paradex than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Paradex ONDO-USD-PERP	0.4391	0.0102	pay 0.0102% / 8h	3h 57m	$6K	—	10x
Short	Phoenix ONDO	0.4396	0.0365	get 0.0046% / 1h	57m 56s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.114%Rate

Funding earned: $55.23
Price spread: +0.114% → 0.000%: $11.42
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $55.65
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 54 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 54 min ago	0.91 bp	12.6 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

Paradex: 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	−0.0159%	1h	0.4394	+0.053%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4391	−0.020%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.022%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.019%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4399	+0.167%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	+0.012%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4393	+0.040%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4397	+0.126%	$63.6M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4395	+0.080%	$68.1M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4396	+0.103%	$17.2M	$73.3M	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	0.4393	+0.037%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	+0.007%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	+0.080%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4396	+0.103%	$44.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	+0.057%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4398	+0.148%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4397	+0.126%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4396	+0.107%	$185K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	+0.165%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	+0.170%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	+0.035%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	+0.103%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	+0.037%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4393	+0.034%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	+0.103%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4403	+0.262%	$130K	$434K	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0102%	8h	0.4391	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4395	+0.087%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	+0.091%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4393	+0.041%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4393	+0.034%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4398	+0.148%	$762K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4401	+0.217%	$272K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0332%	1h	0.4399	+0.169%	$37.8M	$24.7M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4396	+0.103%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOshort	+0.0365%	1h	0.4396	+0.114%	$35K	$218K	10x
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4390	−0.030%	$522K	—	100x	as long as short
Phemex ONDOUSDT	+0.0814%	4h	0.4393	+0.034%	$4.3M	$7.9M	50x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4393	+0.028%	$2K	—	20x	as long as short