Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.004%

Price spread now: Phoenix against Phemex−0.538%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 3 days (all we have)+0.498%+$50 · spread now −0.538%, 7d avg +0.056%

Together, before fees+0.594%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.594% cheaper against Phemex than usual: you would sell low and buy high (spread −0.538% now, against its 7-day average of +0.056%). If the spread goes back, that is −$59 on $10k: about 14 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.096% in total) that is about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4613	0.0100	pay 0.0050% / 4h	3h 12m	$4.5M	$7.1M	50x
Short	Phoenix ONDO	0.4588	0.0244	get 0.0031% / 1h	12m 47s	$38K	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.538%Rate

Funding earned: $30.33
Price spread: −0.538% → +0.056%: −$59.36
Slippage, 4 orders: −$49.89
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$97.92
Costs to cover: 0.689%
Break-even: 29.6 days

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 55 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, 6 min ago	9.82 bp	23.6 bp −$24	31.8 bp −$318	doesn't fit	doesn't fit
Sell Phoenix live order book, 55 min ago	1.09 bp	12.6 bp −$13	43.7 bp −$437	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	−0.0866%	1h	0.4613	+0.006%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4614	+0.023%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	−0.042%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.976%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4613	0.000%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4617	+0.087%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4614	+0.022%	$728K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4610	−0.071%	$69.0M	$221.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4608	−0.108%	$74.2M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4608	−0.108%	$17.6M	$78.0M	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	0.4593	−0.425%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4613	+0.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4608	−0.108%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4609	−0.087%	$49.8M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4608	−0.108%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4608	−0.108%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4609	−0.087%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4608	−0.113%	$818K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.051%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4612	−0.013%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.065%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4620	+0.160%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4614	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4614	+0.022%	$480	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4621	+0.173%	$136K	$492K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4613	long leg	$4.5M	$7.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4619	+0.130%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4609	−0.087%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4616	+0.069%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4613	−0.007%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4614	+0.022%	$34K	$342K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4588	−0.538%	$38K	$248K	10x
01 Exchange ONDOUSD	+0.0272%	1h	0.4618	+0.100%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.412%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.108%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0365%	1h	0.4614	+0.024%	$41.0M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0593% / S −0.0188%	1h	0.4611	−0.035%	$551K	—	100x	as long as short
Lighter ONDO	+0.0664%	1h	0.4617	+0.095%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4613	+0.006%	$2K	—	20x	as long as short