Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against Phemex−0.069%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.069%, 7d avg +0.010%

Together, before fees+0.421%+$42 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: KuCoin is 0.079% cheaper against Phemex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4333	0.0100	pay 0.0050% / 4h	2h 54m	$4.2M	$8.9M	50x
Short	KuCoin ONDOUSDTM	0.4330	0.0100	get 0.0050% / 4h	2h 54m	$13.0M	$10.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → +0.010%: −$7.93
Slippage, 4 orders: −$35.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$67.81
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; KuCoin: 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	5.72 bp	18.9 bp −$19	29.7 bp −$297	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.14 bp	7.1 bp −$7	34.0 bp −$340	doesn't fit	doesn't fit

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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4335	+0.046%	$23K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	+1.056%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4332	−0.012%	$2.5M	$7.4M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.423%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	−0.132%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4335	+0.035%	$340K	$873K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4332	−0.025%	$36.4M	$27.8M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4331	−0.035%	$755K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4329	−0.091%	$63.2M	$229.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4325	−0.185%	$67.9M	$120.3M	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	0.4329	−0.092%	$17.2M	$69.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	−0.014%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4335	+0.048%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4328	−0.115%	$13.5M	$14.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4329	−0.092%	$43.7M	$41.0M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4330	−0.069%	$13.0M	$10.0M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4329	−0.092%	$25.2M	$35.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4327	−0.138%	—	$22.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	−0.060%	$184K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4356	+0.523%	$772K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4363	+0.686%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4366	+0.770%	$403K	$1.8M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4362	+0.669%	$135K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4337	+0.092%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4334	+0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.092%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4333	0.000%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4343	+0.231%	$131K	$363K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4333	long leg	$4.2M	$8.9M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4336	+0.069%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4328	−0.105%	$361K	$788K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	−0.069%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4336	+0.069%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4350	+0.392%	$215K	$706K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4372	+0.891%	$35K	$217K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	+0.115%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0582% / S −0.0208%	1h	0.4332	−0.014%	$502K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1164%	1h	0.4337	+0.093%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4049%	1h	0.4344	+0.246%	$249K	$160K	5x	as long as short