Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h −0.010%

Price spread now: Paradex against Phoenix+0.288%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.288% dearer against Phoenix than usual: you sell high and buy low (spread +0.288% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4354	0.0365	pay 0.0046% / 1h	46m 50s	$35K	$223K	10x
Short	Paradex ONDO-USD-PERP	0.4366	0.0103	get 0.0103% / 8h	4h 46m	$6K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.288%Rate

Funding earned: −$55.08
Price spread: +0.288% → 0.000%: $28.84
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$37.25
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 5 min ago; Paradex: no order-book sample. Net counts fees only.

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, 5 min ago	0.91 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.4369	+0.350%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4366	+0.292%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.925%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4367	+0.308%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4368	+0.325%	$369K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4375	+0.502%	$37.5M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4373	+0.446%	$63.1M	$229.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4370	+0.377%	$69.1M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4372	+0.423%	$16.8M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4344	−0.223%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4372	+0.413%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4369	+0.354%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4372	+0.423%	$45.8M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4370	+0.377%	$12.7M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4371	+0.400%	$25.0M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4371	+0.400%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4373	+0.434%	$188K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.256%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4353	−0.012%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4355	+0.041%	$402K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4350	−0.083%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4373	+0.455%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4372	+0.423%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4368	+0.331%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4379	+0.583%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4369	+0.354%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERPshort	+0.0103%	8h	0.4366	+0.288%	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4370	+0.374%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4370	+0.372%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0204%	4h	0.4373	+0.446%	$735K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4375	+0.485%	$360	$2K	10x	as long as short
Lighter ONDO	+0.0240%	1h	0.4373	+0.441%	$1.1M	$2.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.928%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4375	+0.492%	$3.1M	$2.9M	75x	as long as short
dYdX ONDO-USD	+0.0362%	1h	0.4362	+0.198%	$247K	$129K	5x	as long as short
Phoenix ONDOlong	+0.0365%	1h	0.4354	long leg	$35K	$223K	10x
Deribit ONDO_USDC-PERPETUAL	+0.0437%	1h	0.4369	+0.354%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4369	+0.363%	$519K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4369	+0.365%	$2K	—	20x	as long as short