Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.2769%/8h= +303.2% APRpaid last 24h +1.638%

Price spread now: dYdX against Phemex+0.141%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs+$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1961.965% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.813%+$281 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now +0.141%, 7d avg −0.019%

Together, before fees+2.750%+$275 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$83 a day on $10k at the current rate, and dYdX is 0.160% dearer against Phemex than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4546	0.0100	pay 0.0050% / 4h	1h 28m	$4.7M	$6.5M	50x
Short	dYdX ONDO-USD	0.4552	0.2869	get 0.0359% / 1h	28m 16s	$258K	$129K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.141%Rate

Funding earned: $581.4
Price spread: +0.141% → −0.019%: $15.95
Slippage, 4 orders: −$174.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: $400.87
Costs to cover: 1.965%
Break-even: 2.2 days

Slippage from Phemex: live order book, 6 min ago; dYdX: live order book, 56 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, 6 min ago	6.58 bp	20.2 bp −$20	27.9 bp −$279	doesn't fit	doesn't fit
Sell dYdX live order book, 56 min ago	27.19 bp	125.2 bp −$125	325.0 bp −$3,250	473.7 bp −$47.4K	1197.7 bp −$598.8K

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	−0.0354%	1h	0.4547	+0.031%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4552	+0.136%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4550	+0.088%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4557	+0.242%	$430K	$699K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4553	+0.153%	$730K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4549	+0.066%	$67.2M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4548	+0.044%	$74.0M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4547	+0.022%	$17.7M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.183%	$74K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4555	+0.202%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4553	+0.154%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4548	+0.044%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4551	+0.110%	$13.7M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4548	+0.044%	$25.7M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4554	+0.176%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4559	+0.277%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.155%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	+0.206%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4540	−0.132%	$426K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4553	+0.154%	$161K	$334K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4560	+0.299%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4555	+0.198%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	+0.044%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4563	+0.374%	$133K	$511K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4546	long leg	$4.7M	$6.5M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4553	+0.146%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4549	+0.069%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4553	+0.144%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4555	+0.187%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.484%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4551	+0.110%	$26K	$396K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	+0.396%	$300K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4556	+0.220%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4566	+0.433%	$376	$2K	10x	as long as short
Hyperliquid ONDO	+0.0424%	1h	0.4559	+0.293%	$40.8M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0622% / S −0.0204%	1h	0.4552	+0.136%	$568K	—	100x	as long as short
Lighter ONDO	+0.0648%	1h	0.4557	+0.253%	$1.4M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4555	+0.196%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.2869%	1h	0.4552	+0.141%	$258K	$129K	5x