Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.010%

Price spread now: Bybit against Phoenix+0.591%85s7-day average −0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as 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−$440.441% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.934%−$93 · spread now +0.591%, 7d avg −0.121%

Together, before fees−0.917%−$92 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.712% dearer against Phoenix than usual: you sell high and buy low (spread +0.591% now, against its 7-day average of −0.121%): +$71 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 9.0 days. The two prices were read 85 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 0.017% in total (about 0.9% 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	0.4380	0.0365	pay 0.0046% / 1h	30m 01s	$35K	$223K	10x
Short	Bybit ONDOUSDT	0.4406	0.0100	get 0.0050% / 4h	30m 01s	$68.3M	$126.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.591%Rate

Funding earned: −$55.62
Price spread: +0.591% → −0.121%: $71.2
Slippage, 4 orders: −$26.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.49
Costs to cover: 0.441%
Break-even: from the start

Slippage from Phoenix: live order book, 22 min ago; Bybit: live order book, 4 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, 22 min ago	0.91 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.14 bp	8.8 bp −$9	20.1 bp −$201	74.4 bp −$7,440	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4396	+0.360%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4398	+0.415%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.290%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4403	+0.514%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4397	+0.386%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4397	+0.392%	$370K	$852K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4411	+0.703%	$37.7M	$24.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4407	+0.614%	$63.7M	$230.8M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4406	+0.591%	$68.3M	$126.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4407	+0.614%	$17.1M	$73.5M	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	0.4383	+0.068%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4398	+0.415%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4407	+0.614%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4404	+0.546%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4405	+0.568%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4406	+0.591%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4410	+0.683%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4410	+0.685%	$188K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4387	+0.151%	$712K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4365	−0.348%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4367	−0.293%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4373	−0.162%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4397	+0.384%	$67K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4399	+0.431%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4400	+0.454%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4407	+0.614%	$128K	$435K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4403	+0.523%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4402	+0.492%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4404	+0.548%	$397K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	+0.476%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4400	+0.452%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0229%	4h	0.4403	+0.527%	$743K	$2.4M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4399	+0.431%	$272K	$730K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	+0.317%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOlong	+0.0365%	1h	0.4380	long leg	$35K	$223K	10x
dYdX ONDO-USD	+0.0407%	1h	0.4393	+0.298%	$249K	$129K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4400	+0.454%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4396	+0.359%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4395	+0.351%	$2K	—	20x	as long as short