Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0379%/8h= +41.5% APRpaid last 24h 0.000%

Price spread now: Phemex against ApeX Omni−0.068%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.068%, 7d avg −0.030%

Together, before fees−0.145%−$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.038% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.030%). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.193%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.193% in total (about -10.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ONDOUSDT	0.4405	0.0100	pay 0.0013% / 1h	17m 30s	$135K	$366K	50x
Short	Phemex ONDOUSDT	0.4402	0.0479	get 0.0240% / 4h	2h 17m	$4.2M	$7.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $79.65
Price spread: −0.068% → −0.030%: −$3.8
Slippage, 4 orders: −$36.27
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $17.58
Costs to cover: 0.583%
Break-even: 5.5 days

Slippage from ApeX Omni: live order book, 50 min ago; Phemex: live order book, 1 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 ApeX Omni live order book, 50 min ago	3.27 bp	10.7 bp −$11	26.2 bp −$262	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	10.20 bp	17.8 bp −$18	24.0 bp −$240	doesn't fit	doesn't fit

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	0.4405	−0.001%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4404	−0.034%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4400	−0.113%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.700%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4404	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4400	−0.102%	$385K	$861K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4404	−0.013%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4401	−0.102%	$63.8M	$231.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4400	−0.114%	$69.7M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4401	−0.091%	$17.0M	$75.3M	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	0.4413	+0.173%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4399	−0.142%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4399	−0.136%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4403	−0.045%	$46.3M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	−0.114%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	−0.068%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4403	−0.045%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.243%	$769K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.058%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4412	+0.169%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDTlong	+0.0100%	1h	0.4405	long leg	$135K	$366K	50x
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4402	−0.057%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4410	+0.114%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4406	+0.023%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4413	+0.182%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4404	−0.015%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4399	−0.134%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4406	+0.034%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0142%	1h	0.4402	−0.077%	$201K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4405	0.000%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0273%	1h	0.4404	−0.027%	$38.8M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.386%	$284K	$745K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.459%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4402	−0.073%	$362	$2K	10x	as long as short
Phemex ONDOUSDTshort	+0.0479%	4h	0.4402	−0.068%	$4.2M	$7.4M	50x
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4405	+0.002%	$486K	—	100x	as long as short
Lighter ONDO	+0.0776%	1h	0.4411	+0.143%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4401	−0.087%	$2K	—	20x	as long as short