Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0082%/8h= +9.0% APRnext payment +$0.10 per $10,000 · paid last 24h —

Price spread now: RISEx against Phoenix−0.078%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. RISEx is 0.078% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 3.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4509	0.0018	pay 0.0002% / 1h	1m 27s	$29K	$222K	10x
Short	RISEx ONDO/USDC	0.4505	0.0100	get 0.0013% / 1h	1m 27s	—	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.078%Rate

Funding earned: $17.29
Price spread: −0.078% → 0.000%: −$7.78
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$3.49
Costs to cover: 0.130%
Break-even: 8.4 days

Slippage unknown: Phoenix: live order book, 16 min ago; RISEx: 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, 16 min ago	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell RISEx no order-book sample	—	—	—	—	—

RISEx: 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
Kraken Futures PF_ONDOUSD	−0.1130%	1h	0.4502	−0.150%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4508	−0.013%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4505	−0.090%	$6K	—	150x	as long as short
Phoenix ONDOlong	+0.0018%	1h	0.4509	long leg	$29K	$222K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4503	−0.124%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4506	−0.058%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4506	−0.052%	$423K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4508	−0.013%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4507	−0.044%	$66.4M	$220.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4507	−0.035%	$73.0M	$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	0.4505	−0.080%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4498	−0.226%	$72K	$84K	10x	as long as short
RISEx ONDO/USDCshort	+0.0100%	1h	0.4505	−0.078%	—	—	5x
Gate ONDO_USDT	+0.0100%	4h	0.4505	−0.080%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	−0.058%	$47.1M	$45.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	−0.102%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4508	−0.013%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4505	−0.080%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4507	−0.033%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.273%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4505	−0.085%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4497	−0.256%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4497	−0.257%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4506	−0.051%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4506	−0.058%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4506	−0.058%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4515	+0.142%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4504	−0.102%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4505	−0.085%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4506	−0.061%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4509	+0.001%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0294%	1h	0.4510	+0.027%	$40.3M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4508	−0.013%	$298K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4505	−0.080%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4510	+0.033%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0560%	1h	0.4513	+0.098%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4504	−0.094%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4506	−0.057%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.8978%	1h	0.4503	−0.129%	$255K	$129K	5x	as long as short