Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0238%/8h= −26.1% APRpaid last 24h −0.005%

Price spread now: Bitget against Phoenix−0.463%49s7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$480.482% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.409%−$41 · spread now −0.463%, 7d avg −0.085%

Together, before fees−0.379%−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bitget is 0.377% cheaper against Phoenix than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.085%). Swap the legs. The two prices were read 49 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 0.030% in total (about 1.6% 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	0.4409	0.0338	pay 0.0042% / 1h	8m 40s	$35K	$231K	10x
Short	Bitget ONDOUSDT	0.4389	0.0100	get 0.0050% / 4h	2h 08m	$24.9M	$39.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.463%Rate

Funding earned: −$50.01
Price spread: −0.463% → −0.085%: −$37.72
Slippage, 4 orders: −$29.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$135.97
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Phoenix: live order book, 54 min ago; Bitget: live order book, 5 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, 54 min ago	1.10 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	2.27 bp	10.7 bp −$11	19.5 bp −$195	76.7 bp −$7,671	doesn't fit

ONDO on 38 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	−0.0364%	1h	0.4382	−0.628%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4384	−0.573%	$248K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4381	−0.633%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.597%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4383	−0.599%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4381	−0.644%	$379K	$841K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4388	−0.475%	$675K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4387	−0.508%	$63.7M	$229.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4386	−0.531%	$69.4M	$124.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4388	−0.485%	$16.9M	$74.1M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	−0.240%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4378	−0.706%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4385	−0.553%	$11.5M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4387	−0.508%	$45.8M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4386	−0.531%	$13.0M	$11.0M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4389	−0.463%	$24.9M	$39.8M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4389	−0.463%	—	$762K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	−0.265%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4401	−0.201%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	−0.178%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	−0.259%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4381	−0.649%	$89K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4384	−0.576%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4384	−0.576%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	−0.213%	$129K	$505K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4388	−0.484%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4387	−0.499%	$396K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4385	−0.542%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0161%	1h	0.4385	−0.544%	$195K	$996K	15x	as long as short
Hyperliquid ONDO	+0.0236%	1h	0.4389	−0.465%	$38.5M	$24.0M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.286%	$284K	$712K	50x	as long as short
Phoenix ONDOlong	+0.0338%	1h	0.4409	long leg	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4382	−0.615%	$361	$2K	10x	as long as short
Phemex ONDOUSDT	+0.0356%	4h	0.4383	−0.599%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4385	−0.553%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0549% / S −0.0190%	1h	0.4381	−0.636%	$483K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4394	−0.354%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4382	−0.617%	$2K	—	20x	as long as short