Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against Phemex−0.276%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$490.488% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 4 days (all we have)+0.361%+$36 · spread now −0.276%, 7d avg +0.006%

Together, before fees+0.495%+$50 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.281% cheaper against Phemex than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4365	0.0100	pay 0.0050% / 4h	49m 44s	$4.2M	$7.7M	50x
Short	Binance ONDOUSDT	0.4353	0.0100	get 0.0050% / 4h	49m 44s	$62.8M	$228.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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 PhemexbpFee BinancebpOrdersPrice spread, now −0.276%Rate

Funding earned: $0
Price spread: −0.276% → +0.006%: −$28.14
Slippage, 4 orders: −$26.85
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$76.99
Costs to cover: 0.488%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Binance: live order book, 9 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 Phemex live order book, 4 min ago	4.56 bp	19.0 bp −$19	27.6 bp −$276	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	1.14 bp	8.8 bp −$9	16.6 bp −$166	46.2 bp −$4,620	344.0 bp −$172.0K

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	+0.002%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4352	−0.307%	$246K	$129K	5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	−0.032%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.651%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4364	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4367	+0.046%	$370K	$842K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4355	−0.222%	$37.4M	$24.5M	10x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4353	−0.276%	$62.8M	$228.7M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4349	−0.367%	$68.9M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4350	−0.344%	$16.7M	$71.6M	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	0.4339	−0.598%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4364	−0.016%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4347	−0.412%	$11.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4351	−0.321%	$45.7M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4352	−0.298%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4350	−0.344%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4350	−0.344%	—	$21.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4356	−0.213%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	−0.006%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.566%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.551%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4387	+0.504%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4368	+0.060%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	+0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4366	+0.023%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4375	+0.229%	$127K	$477K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4365	long leg	$4.2M	$7.7M	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4353	−0.282%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4346	−0.427%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4366	+0.034%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4367	+0.046%	$23K	$346K	25x	as long as short
Aster ONDOUSDT	+0.0208%	4h	0.4348	−0.378%	$729K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4366	+0.014%	$359	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4358	−0.151%	$1.1M	$2.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.664%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	0.000%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4378	+0.305%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0225%	1h	0.4365	+0.001%	$526K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4367	+0.045%	$2K	—	20x	as long as short