Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0322%/8h= +35.3% APRpaid last 24h +0.064%

Price spread now: BloFin against Phoenix+0.100%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.508%+$51 on $10k

Price spread, last 3 days (all we have)−0.115%−$12 · spread now +0.100%, 7d avg −0.026%

Together, before fees+0.393%+$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BloFin is 0.126% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.026%.

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	2m 00s	$29K	$222K	10x
Short	BloFin ONDO-USDT	0.4505	0.0340	get 0.0170% / 4h	2h 02m	$3.2M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.100%Rate

Funding earned: $67.69
Price spread: +0.100% → −0.026%: $12.57
Slippage, 4 orders: −$29.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $31.89
Costs to cover: 0.484%
Break-even: 3.7 days

Slippage from Phoenix: live order book, 16 min ago; BloFin: live order book, 6 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	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	3.33 bp	9.3 bp −$9	11.0 bp −$110	32.7 bp −$3,273	100.0 bp −$50.0K

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	−0.1130%	1h	0.4502	+0.029%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4508	+0.167%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4505	+0.090%	$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	0.4503	+0.056%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4506	+0.122%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	+0.072%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4508	+0.164%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4505	+0.111%	$66.4M	$220.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4506	+0.122%	$73.0M	$118.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4505	+0.100%	$17.6M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4498	−0.047%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	+0.084%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4505	+0.100%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	+0.078%	$47.1M	$45.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	+0.078%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4506	+0.122%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	+0.122%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4507	+0.147%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.093%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4499	−0.040%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4497	−0.077%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.078%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	+0.138%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4506	+0.122%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4506	+0.122%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4515	+0.322%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4504	+0.078%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	+0.076%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4506	+0.119%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4508	+0.163%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0288%	1h	0.4511	+0.226%	$40.3M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4508	+0.167%	$298K	$841K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4505	+0.100%	$3.2M	$3.1M	75x
01 Exchange ONDOUSD	+0.0384%	1h	0.4510	+0.202%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4514	+0.291%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4504	+0.085%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4506	+0.133%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9056%	1h	0.4503	+0.051%	$255K	$129K	5x	as long as short