Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.008%

Price spread now: Binance against Phoenix+0.089%75s7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$400.404% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)−0.410%−$41 · spread now +0.089%, 7d avg −0.055%

Together, before fees−0.368%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.145% dearer against Phoenix than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.055%. The two prices were read 75 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	0.4501	0.0018	pay 0.0002% / 1h	48m 14s	$29K	$222K	10x
Short	Binance ONDOUSDT	0.4505	0.0100	get 0.0050% / 4h	2h 48m	$66.3M	$220.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.089%Rate

Funding earned: $17.29
Price spread: +0.089% → −0.055%: $14.46
Slippage, 4 orders: −$23.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$8.67
Costs to cover: 0.404%
Break-even: 10.5 days

Slippage from Phoenix: live order book, 36 min ago; Binance: live order book, 10 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, 36 min ago	0.90 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.10 bp	7.5 bp −$8	15.0 bp −$150	53.7 bp −$5,369	396.6 bp −$198.3K

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	−0.1128%	1h	0.4508	+0.156%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4509	+0.171%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	+0.101%	$6K	—	150x	as long as short
Phoenix ONDOlong	+0.0018%	1h	0.4501	long leg	$29K	$222K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.895%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4505	+0.082%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4506	+0.110%	$429K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4509	+0.162%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4506	+0.101%	$752K	$2.0M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4505	+0.089%	$66.3M	$220.1M	75x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4506	+0.104%	$72.5M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4505	+0.082%	$17.6M	$79.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4509	+0.167%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	+0.055%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4504	+0.060%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	+0.104%	$47.5M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4506	+0.104%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4506	+0.104%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4504	+0.060%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4503	+0.033%	$194K	$974K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4504	+0.049%	$798K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4513	+0.256%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4504	+0.063%	$417K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	+0.104%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4506	+0.107%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4505	+0.082%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4506	+0.104%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4514	+0.282%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4504	+0.060%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	+0.060%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4505	+0.085%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4507	+0.120%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.415%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4503	+0.038%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0360%	1h	0.4513	+0.262%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0520%	1h	0.4507	+0.133%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4505	+0.083%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4505	+0.078%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0511%	1h	0.4507	+0.127%	$255K	$117K	5x	as long as short