Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0227%/8h= −24.8% APRpaid last 24h −0.013%

Price spread now: BingX against Phoenix+0.034%109s7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$143as 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−$1501.496% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.368%−$37 · spread now +0.034%, 7d avg −0.096%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.130% dearer against Phoenix than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.096%): +$13 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours. Mind the row above: over the last 7 days funding on this pair paid +0.071%, so the current rate has only just turned against you. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4385	0.0327	pay 0.0041% / 1h	31m 36s	$35K	$218K	10x
Short	BingX ONDO-USDC	0.4386	0.0100	get 0.0050% / 4h	3h 31m	—	$762K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$47.65
Price spread: +0.034% → −0.096%: $13
Slippage, 4 orders: −$132.65
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$184.3
Costs to cover: 1.496%
Break-even: never at this rate

Slippage from Phoenix: live order book, 16 min ago; BingX: live order book, 72 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, 16 min ago	0.91 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell BingX live order book, 72 min ago	3.42 bp	65.5 bp −$65	100.4 bp −$1,004	718.2 bp −$71.8K	1046.9 bp −$523.5K

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	−0.0160%	1h	0.4378	−0.145%	$2.6M	$7.7M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4379	−0.136%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	−0.132%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.185%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4386	+0.041%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4380	−0.103%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4380	−0.097%	$362K	$845K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4383	−0.026%	$63.3M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4382	−0.057%	$68.1M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4384	−0.011%	$17.2M	$72.9M	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	0.4388	+0.080%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4388	+0.085%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4383	−0.034%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4382	−0.057%	$43.6M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4383	−0.034%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4387	+0.057%	$25.1M	$40.0M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4386	+0.034%	—	$762K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4380	−0.098%	$184K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4375	−0.223%	$714K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4381	−0.085%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4382	−0.058%	$410K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4383	−0.034%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4382	−0.062%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4382	−0.057%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4380	−0.103%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4389	+0.103%	$130K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4381	−0.080%	$4.2M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4378	−0.138%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4385	+0.011%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4384	−0.023%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4383	−0.041%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0194%	4h	0.4384	−0.015%	$795K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0250%	1h	0.4386	+0.025%	$37.7M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4390	+0.125%	$260K	$738K	50x	as long as short
Phoenix ONDOlong	+0.0327%	1h	0.4385	long leg	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4384	−0.011%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4382	−0.057%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0556% / S −0.0193%	1h	0.4378	−0.138%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4381	−0.070%	$2K	—	20x	as long as short