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: edgeX against Phoenix−0.013%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$4 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now −0.013%, 7d avg −0.069%

Together, before fees−0.049%+ Points / potential airdropedgeX: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.055% dearer against Phoenix than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.069%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 19 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.035% in total (about 1.8% 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	27m 45s	$35K	$231K	10x
Short	edgeX ONDOUSDC	0.4408	0.0100	get 0.0050% / 4h	2h 27m	$5K	$320K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$50.01
Price spread: −0.013% → −0.069%: $5.53
Slippage, 4 orders: −$27
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$87.48
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from Phoenix: live order book, 35 min ago; edgeX: live order book, 40 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, 35 min ago	1.10 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell edgeX live order book, 40 min ago	4.35 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	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	−0.0362%	1h	0.4409	0.000%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4408	−0.016%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4409	0.000%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.606%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4410	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4412	+0.074%	$387K	$856K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4414	+0.111%	$670K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4414	+0.123%	$64.1M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4414	+0.113%	$69.9M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	+0.159%	$17.1M	$75.8M	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	0.4408	−0.029%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	+0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4410	+0.023%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4411	+0.045%	$44.1M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	+0.068%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4415	+0.136%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4414	+0.113%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4412	+0.070%	$202K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.004%	$767K	$1.7M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4408	−0.013%	$5K	$320K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.247%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	0.000%	$136K	$367K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4412	+0.059%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4412	+0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4411	+0.045%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4419	+0.227%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4409	−0.008%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	+0.048%	$398K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4413	+0.084%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4411	+0.045%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0297%	1h	0.4420	+0.249%	$39.1M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.295%	$284K	$756K	50x	as long as short
Phoenix ONDOlong	+0.0338%	1h	0.4409	long leg	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4410	+0.023%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4409	−0.008%	$486K	—	100x	as long as short
Phemex ONDOUSDT	+0.0778%	4h	0.4414	+0.113%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0824%	1h	0.4423	+0.327%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4410	+0.028%	$2K	—	20x	as long as short