Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h 0.000%

Price spread now: Phemex against SoDEX−0.091%7-day average — · you buy dearer than you sell

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

Long on SoDEX 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—needs both histories

Funding pays, the price is against you. Phemex is 0.091% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 4.5 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	SoDEX ONDO-USD	0.4418	0.0100	pay 0.0013% / 1h	0m 47s	$459	$13K	10x
Short	Phemex ONDOUSDT	0.4414	0.0167	get 0.0083% / 4h	2h 00m	$4.2M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now −0.091%Rate

Funding earned: $14.03
Price spread: −0.091% → 0.000%: −$9.05
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$15.03
Costs to cover: 0.200%
Break-even: 14.5 days

Slippage unknown: SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	5.66 bp	16.7 bp −$17	29.6 bp −$296	doesn't fit	doesn't fit

SoDEX: 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 38 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	−0.0362%	1h	0.4415	−0.061%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	−0.156%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	−0.091%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.395%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4415	−0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4414	−0.102%	$381K	$833K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4411	−0.158%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4409	−0.208%	$64.0M	$226.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4408	−0.226%	$69.8M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	−0.226%	$17.0M	$72.5M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.668%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4411	−0.158%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4408	−0.226%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4407	−0.249%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4409	−0.204%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4409	−0.204%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4410	−0.181%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	−0.051%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4410	−0.174%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	−0.230%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	−0.136%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4415	−0.061%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4412	−0.136%	—	$1.4M	20x	as long as short
SoDEX ONDO-USDlong	+0.0100%	1h	0.4418	long leg	$459	$13K	10x
HTX ONDO-USDT	+0.0100%	4h	0.4422	+0.091%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	−0.253%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4410	−0.171%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4416	−0.038%	$38K	$13K	3x	as long as short
Phemex ONDOUSDTshort	+0.0167%	4h	0.4414	−0.091%	$4.2M	$7.5M	50x
Backpack ONDO_USDC_PERP	+0.0178%	1h	0.4415	−0.068%	$197K	$988K	15x	as long as short
Hyperliquid ONDO	+0.0224%	1h	0.4410	−0.190%	$38.6M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.091%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.009%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4416	−0.041%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4414	−0.088%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0656%	1h	0.4418	0.000%	$23K	$349K	25x	as long as short
Lighter ONDO	+0.0784%	1h	0.4415	−0.061%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4415	−0.063%	$2K	—	20x	as long as short