Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.028%

Price spread now: GRVT against Phoenix−0.077%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.077%, 7d avg −0.074%

Together, before fees+0.108%+ Points / potential airdropGRVT: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

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 52s	$29K	$222K	10x
Short	GRVT ONDO_USDT_Perp	0.4497	0.0100	get 0.0050% / 4h	2h 02m	$425K	$937K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.077%Rate

Funding earned: $17.29
Price spread: −0.077% → −0.074%: −$0.31
Slippage, 4 orders: −$34.39
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$33.41
Costs to cover: 0.504%
Break-even: 20.5 days

Slippage from Phoenix: live order book, 15 min ago; GRVT: live order book, 20 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, 15 min ago	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell GRVT live order book, 20 min ago	3.31 bp	14.2 bp −$14	36.6 bp −$366	doesn't fit	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
Kraken Futures PF_ONDOUSD	−0.1130%	1h	0.4501	+0.007%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4505	+0.100%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4503	+0.067%	$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	0.4503	+0.056%	$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	0.4506	+0.127%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4505	+0.100%	$66.3M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4504	+0.078%	$72.9M	$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	0.4503	+0.056%	$17.6M	$79.8M	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	0.4505	+0.094%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4501	+0.011%	$11.7M	$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	0.4502	+0.033%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4503	+0.056%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4504	+0.078%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4506	+0.133%	$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_Perpshort	+0.0100%	4h	0.4497	−0.077%	$425K	$937K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.078%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4506	+0.116%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4505	+0.100%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	+0.078%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4509	+0.189%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4502	+0.033%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	+0.067%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4503	+0.065%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4506	+0.111%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0286%	1h	0.4508	+0.178%	$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-USDT	+0.0340%	4h	0.4505	+0.100%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4509	+0.180%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4511	+0.242%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4503	+0.064%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4505	+0.089%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9125%	1h	0.4503	+0.051%	$255K	$129K	5x	as long as short