Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.110%

Price spread now: Coinbase International against Phemex+0.115%7-day average +0.211% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$770.768% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.944%+$94 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now +0.115%, 7d avg +0.211%

Together, before fees+1.103%+$110 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.096% cheaper against Phemex than usual: you would sell low and buy high (spread +0.115% now, against its 7-day average of +0.211%). If the spread goes back, that is −$10 on $10k: about 45 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.944% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4342	0.0100	pay 0.0050% / 4h	2h 16m	$4.2M	$8.3M	50x
Short	Coinbase International ONDO-PERP-INTX	0.4347	0.0272	get 0.0034% / 1h	16m 40s	$218K	$762K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.115%Rate

Funding earned: $36.12
Price spread: +0.115% → +0.211%: −$9.63
Slippage, 4 orders: −$54.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$50.27
Costs to cover: 0.768%
Break-even: 16.7 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 32 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, 2 min ago	5.76 bp	17.1 bp −$17	30.8 bp −$308	doesn't fit	doesn't fit
Sell Coinbase International live order book, 32 min ago	8.07 bp	13.6 bp −$14	56.9 bp −$569	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
Kraken Futures PF_ONDOUSD	−0.0240%	1h	0.4340	−0.053%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4340	−0.047%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0011%	1h	0.4336	−0.133%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.205%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4341	−0.018%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4342	+0.006%	$349K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4340	−0.037%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	−0.046%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4338	−0.083%	$62.8M	$237.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4336	−0.138%	$67.8M	$126.2M	50x	as long as short

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	0.4338	−0.092%	$17.3M	$73.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4335	−0.159%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4337	−0.108%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4337	−0.115%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4337	−0.115%	$43.2M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4337	−0.115%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4338	−0.092%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4337	−0.115%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4341	−0.014%	$176K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−0.513%	$631K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4325	−0.398%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.022%	$411K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4344	+0.046%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4343	+0.025%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4341	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4344	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4343	+0.023%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4352	+0.230%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4342	long leg	$4.2M	$8.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4337	−0.112%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	−0.136%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4344	+0.046%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4339	−0.064%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXshort	+0.0272%	1h	0.4347	+0.115%	$218K	$762K	50x
Phoenix ONDO	+0.0332%	1h	0.4346	+0.094%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	−0.046%	$2.5M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0441%	1h	0.4343	+0.023%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4339	−0.058%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4342	−0.011%	$2K	—	20x	as long as short