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: Aster against Phoenix−1.193%95s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$490.488% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 3 days (all we have)+1.150%+$115 · spread now −1.193%, 7d avg −0.023%

Together, before fees+1.248%+ Points / potential airdropAster: Stage 5 · farm board+$125 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aster is 1.171% cheaper against Phoenix than usual: you would sell low and buy high (−$117 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.098%, so the current rate has only just turned against you. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4508	0.0244	pay 0.0031% / 1h	56m 00s	$37K	$231K	10x
Short	Aster ONDOUSDT	0.4454	0.0100	get 0.0050% / 4h	2h 56m	$705K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −1.193%Rate

Funding earned: −$30.33
Price spread: −1.193% → −0.023%: −$117.08
Slippage, 4 orders: −$33.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$196.19
Costs to cover: 0.488%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; Aster: live order book, 2 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 Phoenix live order book, 7 min ago	1.10 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	3.35 bp	11.0 bp −$11	36.3 bp −$363	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	−0.0359%	1h	0.4453	−1.212%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4452	−1.232%	$252K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4456	−1.149%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4454	−1.196%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+1.335%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4454	−1.193%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4455	−1.171%	$413K	$772K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4457	−1.121%	$39.5M	$25.2M	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4454	−1.193%	$705K	$2.1M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4460	−1.071%	$65.8M	$226.0M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4459	−1.083%	$71.6M	$121.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4459	−1.083%	$17.1M	$76.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4457	−1.127%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4444	−1.409%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4458	−1.105%	$11.7M	$15.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4458	−1.105%	$45.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4458	−1.105%	$13.6M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4459	−1.083%	$25.2M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4460	−1.060%	—	$755K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4455	−1.174%	$224K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4454	−1.198%	$789K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4503	−0.099%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4505	−0.062%	$416K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4504	−0.084%	$168K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4457	−1.129%	$116K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4458	−1.105%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4456	−1.149%	$463	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4463	−0.994%	$130K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4450	−1.288%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4458	−1.105%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4456	−1.141%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0200%	1h	0.4454	−1.189%	$367	$2K	10x	as long as short
Phoenix ONDOlong	+0.0244%	1h	0.4508	long leg	$37K	$231K	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4466	−0.927%	$290K	$800K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4453	−1.216%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0528%	1h	0.4464	−0.981%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0187%	1h	0.4453	−1.221%	$531K	—	100x	as long as short
Phemex ONDOUSDT	+0.0857%	4h	0.4454	−1.193%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4455	−1.160%	$2K	—	20x	as long as short