Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0567%/8h= −62.0% APRpaid last 24h +0.106%

Price spread now: Kraken Futures against Phemex−0.015%7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$680.684% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now −0.015%, 7d avg +0.061%

Together, before fees+0.548%+$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Kraken Futures is 0.076% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.061%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.462%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4403	0.0204	pay 0.0102% / 4h	2h 03m	$4.2M	$7.5M	50x
Short	Kraken Futures PF_ONDOUSD	0.4402	−0.0363	pay 0.0045% / 1h	3m 29s	$2.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$118.97
Price spread: −0.015% → +0.061%: −$7.58
Slippage, 4 orders: −$46.37
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$194.92
Costs to cover: 0.684%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	4.56 bp	14.4 bp −$14	21.6 bp −$216	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	3.42 bp	18.9 bp −$19	31.0 bp −$310	384.9 bp −$38.5K	doesn't fit

ONDO on 38 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_ONDOUSDshort	−0.0363%	1h	0.4402	−0.015%	$2.6M	$8.2M	50x
dYdX ONDO-USD	0.0000%	1h	0.4408	+0.118%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	+0.068%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.747%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4401	−0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	+0.165%	$381K	$835K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4416	+0.295%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4411	+0.182%	$64.0M	$227.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4412	+0.204%	$69.9M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4410	+0.159%	$17.1M	$72.9M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.329%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	+0.163%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4409	+0.136%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4411	+0.182%	$46.7M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	+0.204%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4412	+0.204%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4412	+0.204%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.233%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.246%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.093%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.318%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4409	+0.141%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4412	+0.204%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	+0.045%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	+0.159%	$129K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	+0.214%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4410	+0.169%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	+0.045%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0171%	1h	0.4408	+0.123%	$196K	$992K	15x	as long as short
Phemex ONDOUSDTlong	+0.0204%	4h	0.4403	long leg	$4.2M	$7.5M	50x
Hyperliquid ONDO	+0.0232%	1h	0.4415	+0.268%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.432%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4393	−0.229%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4415	+0.261%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4404	+0.023%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4404	+0.020%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4419	+0.368%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4408	+0.118%	$2K	—	20x	as long as short