Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against Phemex0.000%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now 0.000%, 7d avg −0.045%

Together, before fees+0.161%+$16 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: Bybit is 0.045% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4572	0.0100	pay 0.0050% / 4h	6m 11s	$4.6M	$6.9M	50x
Short	Bybit ONDOUSDT	0.4572	0.0100	get 0.0050% / 4h	6m 11s	$74.1M	$120.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.045%: $4.46
Slippage, 4 orders: −$27.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.15
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	5.47 bp	18.1 bp −$18	23.3 bp −$233	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.09 bp	8.7 bp −$9	12.9 bp −$129	47.1 bp −$4,715	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
Kraken Futures PF_ONDOUSD	−0.0798%	1h	0.4572	−0.011%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.087%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4571	−0.022%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4570	−0.040%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	−0.087%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4572	+0.005%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4577	+0.110%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4574	+0.039%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4572	+0.010%	$68.4M	$226.0M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4572	0.000%	$74.1M	$120.6M	50x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4572	0.000%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4572	−0.009%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4572	−0.009%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4570	−0.044%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4568	−0.087%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4572	0.000%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4572	0.000%	$25.8M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4572	0.000%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4574	+0.035%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.090%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4566	−0.142%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4566	−0.135%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4565	−0.153%	$173K	$310K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	+0.059%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4566	−0.131%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4572	0.000%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	+0.131%	$134K	$504K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4572	long leg	$4.6M	$6.9M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4572	+0.004%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4570	−0.052%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4572	0.000%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	−0.149%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4575	+0.055%	$376	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.087%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4569	−0.066%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4569	−0.067%	$545K	—	100x	as long as short
Lighter ONDO	+0.0672%	1h	0.4581	+0.197%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4568	−0.091%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2612%	1h	0.4570	−0.037%	$259K	$132K	5x	as long as short