Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.008%

Price spread now: Phoenix against SunX+0.544%69s7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1581.578% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.263%−$26 · spread now +0.544%, 7d avg +0.084%

Together, before fees−0.361%−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.461% dearer against SunX than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of +0.084%. Mind the row above: over the last 7 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour. The two prices were read 69 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	SunX ONDO-USDT	0.4392	0.0100	pay 0.0050% / 4h	1h 43m	—	$1.4M	20x
Short	Phoenix ONDO	0.4416	0.0272	get 0.0034% / 1h	43m 51s	$35K	$225K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.544%Rate

Funding earned: $36.11
Price spread: +0.544% → +0.084%: $46.06
Slippage, 4 orders: −$142.85
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$75.68
Costs to cover: 1.578%
Break-even: 21.7 days

Slippage from SunX: live order book, 11 min ago; Phoenix: live order book, 13 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 SunX live order book, 11 min ago	46.60 bp	66.0 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 13 min ago	0.90 bp	12.5 bp −$12	43.3 bp −$433	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
dYdX ONDO-USD	0.0000%	1h	0.4398	+0.148%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4391	−0.016%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.007%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4395	+0.066%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4395	+0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4391	−0.023%	$373K	$837K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4403	+0.250%	$712K	$2.3M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4401	+0.205%	$64.0M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4400	+0.182%	$69.4M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4403	+0.250%	$17.0M	$72.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4372	−0.460%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4389	−0.074%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4396	+0.091%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4399	+0.159%	$46.8M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4398	+0.137%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	+0.228%	$25.1M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4400	+0.182%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4381	−0.257%	$709K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4381	−0.261%	$4K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4382	−0.226%	$411K	$987K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4392	0.000%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	+0.025%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4392	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4396	+0.091%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4399	+0.159%	$129K	$476K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4395	+0.068%	$4.2M	$7.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4398	+0.143%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	+0.144%	$396K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4398	+0.133%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0127%	1h	0.4401	+0.200%	$38.3M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0187%	1h	0.4399	+0.155%	$190K	$980K	15x	as long as short
Phoenix ONDOshort	+0.0272%	1h	0.4416	+0.544%	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4393	+0.023%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4398	+0.137%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4392	−0.009%	$361	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0433%	1h	0.4396	+0.091%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4391	−0.031%	$484K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4405	+0.303%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4394	+0.056%	$2K	—	20x	as long as short