Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.638%

Price spread now: Injective against Phemex−0.890%65s7-day average −0.963% · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−3.224%−$322 on $10k

Price spread, last 3 days (all we have)+0.248%+$25 · spread now −0.890%, 7d avg −0.963%

Together, before fees−2.976%−$298 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.074% dearer against Phemex than usual: you sell high and buy low (spread −0.890% now, against its 7-day average of −0.963%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.7 days. At the pace of the last 7 days (−3.224% in total) that is about 4 hours. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4609	0.0100	pay 0.0050% / 4h	3h 11m	$4.5M	$7.1M	50x
Short	Injective ONDO/USDC PERP	0.4568	0.0033	get 0.0004% / 1h	11m 21s	$888	$216K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.890%Rate

Funding earned: −$14
Price spread: −0.890% → −0.963%: $7.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$18.67
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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, 3 min ago	12.99 bp	22.4 bp −$22	31.1 bp −$311	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0866%	1h	0.4613	+0.077%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	−0.044%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4598	−0.238%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4568	−0.890%	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4598	−0.239%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4604	−0.103%	$432K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4601	−0.181%	$68.9M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4598	−0.239%	$74.1M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4598	−0.239%	$17.6M	$77.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.351%	$73K	$92K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4605	−0.086%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4600	−0.195%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4602	−0.152%	$49.7M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4604	−0.108%	$14.3M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4600	−0.195%	$26.1M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4600	−0.195%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4599	−0.223%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.138%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.101%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.152%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4611	+0.041%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	+0.043%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4613	+0.087%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4622	+0.282%	$136K	$492K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4609	long leg	$4.5M	$7.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	−0.026%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4603	−0.120%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	−0.152%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0105%	4h	0.4607	−0.041%	$726K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4610	+0.015%	$232K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4613	+0.087%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4610	+0.024%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.499%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.195%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4611	+0.033%	$41.0M	$25.1M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0400%	1h	0.4615	+0.130%	$34K	$342K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4597	−0.253%	$549K	—	100x	as long as short
Lighter ONDO	+0.0680%	1h	0.4615	+0.119%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4605	−0.092%	$2K	—	20x	as long as short