Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1050%/8h= −115.0% APRpaid last 24h −0.307%

Price spread now: Phemex against Reya+0.036%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Phemex is 0.036% dearer against Reya than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ONDORUSDPERP	0.4414	0.1150	pay 0.0144% / 1h	10m 47s	$2K	—	20x
Short	Phemex ONDOUSDT	0.4416	0.0100	get 0.0050% / 4h	1h 10m	$4.2M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$220.51
Price spread: +0.036% → 0.000%: $3.57
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$234.94
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 3 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	3.39 bp	15.6 bp −$16	21.0 bp −$210	doesn't fit	doesn't fit

Reya: 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
dYdX ONDO-USD	+0.0001%	1h	0.4413	−0.030%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4413	−0.035%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.479%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4414	−0.005%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4414	−0.010%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4416	+0.036%	$373K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4418	+0.081%	$64.3M	$225.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4416	+0.036%	$70.0M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4418	+0.081%	$17.1M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4401	−0.313%	$73K	$86K	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	0.4414	+0.001%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4415	+0.013%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4417	+0.058%	$47.7M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4417	+0.058%	$12.9M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4417	+0.058%	$25.2M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4418	+0.081%	—	$21.8M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4410	−0.108%	$714K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4418	+0.070%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4411	−0.078%	$407K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4417	+0.058%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4416	+0.029%	$67K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4416	+0.036%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4416	+0.036%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.217%	$130K	$474K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4416	+0.036%	$4.2M	$7.7M	50x
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4418	+0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4418	+0.072%	$398K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4417	+0.051%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0142%	1h	0.4421	+0.142%	$38.3M	$24.3M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0185%	1h	0.4418	+0.079%	$192K	$979K	15x	as long as short
Aster ONDOUSDT	+0.0190%	4h	0.4420	+0.124%	$711K	$2.3M	20x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4427	+0.276%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4415	+0.013%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4419	+0.095%	$364	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.172%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4417	+0.058%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4412	−0.064%	$487K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4425	+0.228%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERPlong	+0.1150%	1h	0.4414	long leg	$2K	—	20x