ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.2% APRnext payment −$0.07 per $10,000 · paid last 24h −0.006%

Price spread now: Backpack against Phoenix−0.126%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 4 days (all we have)−0.369%−$37 · spread now −0.126%, 7d avg −0.067%

Together, before fees−0.275%−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.059% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.067%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.094%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4441	0.0272	pay 0.0034% / 1h	19m 10s	$35K	$225K	10x
Short	Backpack ONDO_USDC_PERP	0.4436	0.0216	get 0.0027% / 1h	19m 10s	$193K	$979K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$11.82
Price spread: −0.126% → −0.067%: −$5.88
Slippage, 4 orders: −$26.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$61.03
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; Backpack: live order book, 50 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, 38 min ago	0.90 bp	12.5 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Backpack live order book, 50 min ago	1.94 bp	10.2 bp −$10	doesn't fit	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
dYdX ONDO-USD	+0.0001%	1h	0.4435	−0.135%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4437	−0.094%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.853%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4438	−0.080%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4436	−0.119%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4438	−0.074%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4439	−0.053%	$64.4M	$225.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4437	−0.097%	$70.3M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4439	−0.052%	$17.2M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.122%	$73K	$88K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4437	−0.099%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4436	−0.119%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4438	−0.074%	$47.1M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4436	−0.119%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4439	−0.052%	$25.4M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4439	−0.052%	—	$761K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	−0.014%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4442	+0.014%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	−0.086%	$411K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.038%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4440	−0.025%	$69K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4439	−0.052%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4439	−0.052%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4447	+0.128%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4437	−0.097%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4437	−0.089%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4438	−0.074%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4438	−0.079%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0161%	1h	0.4440	−0.025%	$38.5M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0185%	4h	0.4442	+0.007%	$714K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0216%	1h	0.4436	−0.126%	$193K	$979K	15x
Phoenix ONDOlong	+0.0272%	1h	0.4441	long leg	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4438	−0.074%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4441	−0.014%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4447	+0.128%	$282K	$730K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0426%	1h	0.4439	−0.052%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4437	−0.106%	$489K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4446	+0.113%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4440	−0.027%	$2K	—	20x	as long as short