Funding arb · Price arb /

ONDO

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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 −0.003%

Price spread now: Gate against Phemex−0.110%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$720.723% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 3 days (all we have)+0.173%+$17 · spread now −0.110%, 7d avg −0.040%

Together, before fees+0.311%+$31 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: Gate is 0.071% cheaper against Phemex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4535	0.0100	pay 0.0050% / 4h	2h 34m	$4.8M	$6.2M	50x
Short	Gate ONDO_USDT	0.4530	0.0100	get 0.0050% / 4h	2h 34m	$11.8M	$18.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.040%: −$7.07
Slippage, 4 orders: −$45.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$79.37
Costs to cover: 0.723%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Gate: live order book, 4 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	4.42 bp	18.1 bp −$18	27.4 bp −$274	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.11 bp	20.2 bp −$20	38.8 bp −$388	46.1 bp −$4,613	75.8 bp −$37.9K

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	−0.1122%	1h	0.4535	−0.009%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4536	+0.022%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4533	−0.054%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.313%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.287%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4533	−0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4533	−0.044%	$426K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4534	−0.016%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4531	−0.090%	$66.6M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4528	−0.154%	$73.5M	$117.8M	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	0.4528	−0.154%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	−0.093%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4533	−0.048%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4530	−0.110%	$11.8M	$18.7M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4531	−0.088%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4532	−0.066%	$13.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4528	−0.154%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4533	−0.044%	—	$22.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4537	+0.055%	$196K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	−0.147%	$791K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.375%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4536	+0.022%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4536	+0.022%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4534	−0.013%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4534	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4534	−0.022%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4543	+0.176%	$126K	$512K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4535	long leg	$4.8M	$6.2M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4526	−0.188%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4531	−0.083%	$403K	$990K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4536	+0.033%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0168%	1h	0.4533	−0.049%	$40.8M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	−0.022%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4538	+0.066%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4538	+0.057%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4542	+0.161%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0619% / S −0.0203%	1h	0.4533	−0.040%	$564K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4534	−0.026%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9845%	1h	0.4524	−0.246%	$256K	$123K	5x	as long as short