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: Phoenix against RISEx−0.224%110s7-day average — · you buy dearer than you sell

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

Long on RISEx Short on Phoenix

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.224% cheaper against RISEx than usual: you would sell low and buy high (−$22 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ONDO/USDC	0.4539	0.0100	pay 0.0013% / 1h	21m 42s	—	—	5x
Short	Phoenix ONDO	0.4529	0.0018	get 0.0002% / 1h	21m 42s	$30K	$222K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now −0.224%Rate

Funding earned: −$17.29
Price spread: −0.224% → 0.000%: −$22.44
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.73
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: RISEx: no order-book sample; Phoenix: live order book, 62 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 RISEx no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 62 min ago	0.90 bp	12.6 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

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	−0.1122%	1h	0.4532	−0.164%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	−0.028%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	−0.107%	$6K	—	150x	as long as short
Phoenix ONDOshort	+0.0018%	1h	0.4529	−0.224%	$30K	$222K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.381%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4536	−0.072%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4530	−0.194%	$426K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4537	−0.049%	$767K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4538	−0.025%	$67.0M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4537	−0.050%	$73.6M	$118.1M	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	0.4538	−0.028%	$17.8M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4524	−0.330%	$72K	$85K	10x	as long as short
RISEx ONDO/USDClong	+0.0100%	1h	0.4539	long leg	—	—	5x
Gate ONDO_USDT	+0.0100%	4h	0.4537	−0.050%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4538	−0.028%	$47.8M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.050%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4539	−0.006%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4539	−0.006%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4538	−0.030%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4536	−0.065%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	−0.247%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4529	−0.228%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4532	−0.160%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4535	−0.103%	$104K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4537	−0.050%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4537	−0.050%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4544	+0.104%	$128K	$515K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4536	−0.072%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	−0.032%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	−0.018%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	−0.025%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0254%	1h	0.4541	+0.027%	$40.6M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	−0.006%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4521	−0.403%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4531	−0.176%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4546	+0.148%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4534	−0.113%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	−0.099%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9750%	1h	0.4535	−0.098%	$257K	$128K	5x	as long as short