Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Phemex−0.002%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4349	0.0100	pay 0.0050% / 4h	2h 13m	$4.2M	$8.3M	50x
Short	gTrade (Gains Network) ONDO/USD	0.4349	L +0.0003% / S −0.0011%	get 0.0001% / 1h	13m 04s	$7K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.002%Rate

Funding earned: −$18.76
Price spread: −0.002% → 0.000%: −$0.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$40.96
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; gTrade (Gains Network): no order-book sample. 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 Phemex live order book, 6 min ago	5.76 bp	17.1 bp −$17	30.8 bp −$308	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.0240%	1h	0.4347	−0.042%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USDshort	L +0.0003% / S −0.0011%	1h	0.4349	−0.002%	$7K	—	150x
dYdX ONDO-USD	+0.0011%	1h	0.4341	−0.195%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.036%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4353	+0.080%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4349	+0.011%	$350K	$883K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4355	+0.149%	$36.2M	$26.5M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4354	+0.105%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4351	+0.046%	$63.1M	$237.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4349	0.000%	$67.8M	$126.4M	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	0.4353	+0.092%	$17.3M	$74.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	−0.391%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4348	−0.028%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4351	+0.046%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4352	+0.069%	$43.4M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	+0.046%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4353	+0.092%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4351	+0.046%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4352	+0.064%	$177K	$990K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4334	−0.350%	$639K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4338	−0.264%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4340	−0.204%	$403K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	−0.253%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4352	+0.078%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4348	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4348	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4350	+0.023%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4355	+0.138%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4349	long leg	$4.2M	$8.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4348	−0.020%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4349	−0.010%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4351	+0.049%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4349	+0.009%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4350	+0.023%	$218K	$762K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	−0.067%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4349	0.000%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0440%	1h	0.4351	+0.046%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4349	+0.010%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4352	+0.074%	$2K	—	20x	as long as short