Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Nado against Phemex+0.171%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.171%, 7d avg −0.019%

Together, before fees−0.073%+ Points / potential airdropNado: Active · farm board−$7 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: Nado is 0.190% dearer against Phemex than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4393	0.0100	pay 0.0050% / 4h	3h 53m	$4.3M	$7.9M	50x
Short	Nado ONDO-PERP	0.4400	0.0100	get 0.0012% / 1h	53m 41s	$363K	$847K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.171%Rate

Funding earned: $0
Price spread: +0.171% → −0.019%: $19
Slippage, 4 orders: −$27.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$27.91
Costs to cover: 0.469%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 65 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	2.28 bp	15.4 bp −$15	23.4 bp −$234	doesn't fit	doesn't fit
Sell Nado live order book, 65 min ago	1.38 bp	5.8 bp −$6	24.5 bp −$245	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
Kraken Futures PF_ONDOUSD	−0.0159%	1h	0.4392	−0.021%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	+0.073%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4396	+0.064%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.984%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4404	+0.246%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4394	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4400	+0.171%	$363K	$847K	10x
Binance ONDOUSDT	+0.0100%	4h	0.4401	+0.178%	$63.6M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4401	+0.182%	$68.3M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4404	+0.250%	$17.2M	$73.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−0.036%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4403	+0.223%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4397	+0.091%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4399	+0.137%	$44.3M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4397	+0.091%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4399	+0.137%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4398	+0.114%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4392	−0.014%	$185K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4390	−0.074%	$716K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4394	+0.015%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−0.037%	$414K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	+0.068%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4399	+0.139%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4397	+0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4395	+0.046%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4413	+0.455%	$130K	$434K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4393	long leg	$4.3M	$7.9M	50x
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4403	+0.218%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	+0.109%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	+0.057%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0184%	1h	0.4402	+0.212%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4395	+0.046%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4401	+0.184%	$761K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4406	+0.296%	$272K	$732K	50x	as long as short
Hyperliquid ONDO	+0.0316%	1h	0.4404	+0.239%	$37.9M	$24.6M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4406	+0.296%	$3.1M	$3.1M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4398	+0.105%	$35K	$218K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4394	+0.018%	$522K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4396	+0.074%	$2K	—	20x	as long as short