Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1039%/8h= +113.8% APRpaid last 24h +0.304%

Price spread now: Reya against Phemex−0.051%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.051% cheaper against Phemex than usual: you would sell low and buy high (spread −0.051% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 4 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4517	0.0100	pay 0.0050% / 4h	2h 14m	$4.8M	$6.3M	50x
Short	Reya ONDORUSDPERP	0.4515	0.1139	get 0.0142% / 1h	14m 18s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.051%Rate

Funding earned: $218.22
Price spread: −0.051% → 0.000%: −$5.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $195.12
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: Phemex: live order book, 5 min ago; Reya: 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, 5 min ago	1.10 bp	14.8 bp −$15	23.8 bp −$238	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1127%	1h	0.4513	−0.092%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4516	−0.022%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4515	−0.034%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4528	+0.252%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.111%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4514	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4515	−0.050%	$422K	$680K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4517	−0.006%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	−0.037%	$66.6M	$220.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4515	−0.044%	$73.2M	$118.1M	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	0.4515	−0.044%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4528	+0.241%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4515	−0.039%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4513	−0.089%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4515	−0.044%	$47.5M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4514	−0.066%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4513	−0.089%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4514	−0.066%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4516	−0.024%	$193K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4521	+0.095%	$794K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4532	+0.343%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4528	+0.244%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4533	+0.354%	$160K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4516	−0.027%	$99K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4515	−0.044%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4524	+0.155%	$129K	$520K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4517	long leg	$4.8M	$6.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4514	−0.063%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4514	−0.070%	$403K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4516	−0.013%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0280%	1h	0.4520	+0.075%	$40.4M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.487%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4519	+0.044%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4518	+0.031%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4523	+0.126%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4514	−0.068%	$543K	—	100x	as long as short
Reya ONDORUSDPERPshort	+0.1139%	1h	0.4515	−0.051%	$2K	—	20x
dYdX ONDO-USD	+0.9276%	1h	0.4519	+0.038%	$256K	$129K	5x	as long as short