Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.005%

Price spread now: KuCoin against Phoenix−0.011%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now −0.011%, 7d avg −0.053%

Together, before fees−0.078%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.042% dearer against Phoenix than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.053%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.102%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4555	0.0142	pay 0.0018% / 1h	29m 30s	$29K	$219K	10x
Short	KuCoin ONDOUSDTM	0.4554	0.0100	get 0.0050% / 4h	1h 29m	$13.7M	$10.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$8.82
Price spread: −0.011% → −0.053%: $4.21
Slippage, 4 orders: −$42.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$65.64
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Phoenix: live order book, 48 min ago; KuCoin: 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, 48 min ago	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.20 bp	12.4 bp −$12	24.1 bp −$241	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	−0.0354%	1h	0.4544	−0.221%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4556	+0.037%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4546	−0.187%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4556	+0.033%	$430K	$699K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4555	+0.009%	$730K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4557	+0.045%	$67.3M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4555	+0.011%	$74.1M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4557	+0.055%	$17.7M	$81.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.369%	$74K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4553	−0.034%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4551	−0.077%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4556	+0.033%	$47.9M	$44.4M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4554	−0.011%	$13.7M	$10.9M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4558	+0.077%	$25.8M	$41.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4554	−0.011%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4547	−0.165%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.342%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	+0.019%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4540	−0.318%	$426K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4553	−0.033%	$161K	$334K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4558	+0.068%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4547	−0.165%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	−0.165%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4552	−0.055%	$132K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4545	−0.209%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4551	−0.084%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4554	−0.008%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4549	−0.111%	$44K	$8K	3x	as long as short
Phoenix ONDOlong	+0.0142%	1h	0.4555	long leg	$29K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.296%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4548	−0.143%	$26K	$396K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	+0.209%	$300K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.296%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4558	+0.083%	$375	$2K	10x	as long as short
Hyperliquid ONDO	+0.0429%	1h	0.4561	+0.136%	$40.8M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0585% / S −0.0187%	1h	0.4544	−0.222%	$541K	—	100x	as long as short
Lighter ONDO	+0.0632%	1h	0.4560	+0.119%	$1.4M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4557	+0.063%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2719%	1h	0.4547	−0.155%	$257K	$129K	5x	as long as short