Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.004%

Price spread now: Phemex against Phoenix+0.541%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$770.773% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 3 days (all we have)−0.501%−$50 · spread now +0.541%, 7d avg −0.056%

Together, before fees−0.597%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.597% dearer against Phoenix than usual: you sell high and buy low (spread +0.541% now, against its 7-day average of −0.056%): +$60 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.096% in total) that is about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4588	0.0244	pay 0.0031% / 1h	12m 26s	$38K	$248K	10x
Short	Phemex ONDOUSDT	0.4613	0.0100	get 0.0050% / 4h	3h 12m	$4.5M	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.541%Rate

Funding earned: −$30.33
Price spread: +0.541% → −0.056%: $59.65
Slippage, 4 orders: −$58.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$47.98
Costs to cover: 0.773%
Break-even: never at this rate

Slippage from Phoenix: live order book, 55 min ago; Phemex: live order book, 1 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, 55 min ago	1.09 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	12.99 bp	29.7 bp −$30	40.3 bp −$403	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	−0.0866%	1h	0.4613	+0.547%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	+0.415%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	+0.486%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.440%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4613	+0.541%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4612	+0.524%	$433K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4615	+0.584%	$69.1M	$221.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4613	+0.541%	$74.3M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4612	+0.519%	$17.7M	$78.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.806%	$73K	$92K	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	0.4609	+0.443%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4610	+0.475%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4613	+0.541%	$49.9M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4614	+0.562%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4614	+0.562%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4612	+0.519%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4608	+0.427%	$818K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.592%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4612	+0.527%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.606%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4617	+0.632%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4614	+0.562%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4614	+0.562%	$480	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4621	+0.715%	$136K	$492K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4613	+0.541%	$4.5M	$7.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4611	+0.504%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4614	+0.572%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4616	+0.609%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0107%	4h	0.4614	+0.562%	$728K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4613	+0.534%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4614	+0.562%	$34K	$342K	25x	as long as short
Phoenix ONDOlong	+0.0244%	1h	0.4588	long leg	$38K	$248K	10x
01 Exchange ONDOUSD	+0.0272%	1h	0.4614	+0.554%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.955%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.649%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4618	+0.652%	$41.1M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0593% / S −0.0188%	1h	0.4611	+0.505%	$551K	—	100x	as long as short
Lighter ONDO	+0.0664%	1h	0.4617	+0.636%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4612	+0.524%	$2K	—	20x	as long as short