Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h +0.005%

Price spread now: Phoenix against Aster−0.448%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+1.258%+$126 · spread now −0.448%, 7d avg +0.036%

Together, before fees+1.163%+ Points / potential airdropAster: Stage 5 · farm board+$116 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.484% cheaper against Aster than usual: you would sell low and buy high (spread −0.448% now, against its 7-day average of +0.036%). If the spread goes back, that is −$48 on $10k: about 6.8 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.095%, 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 -0.095% in total (about -5.0% 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	Aster ONDOUSDT	0.4413	0.0100	pay 0.0050% / 4h	2h 03m	$672K	$2.2M	20x
Short	Phoenix ONDO	0.4393	0.0338	get 0.0042% / 1h	3m 08s	$35K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.448%Rate

Funding earned: $50.01
Price spread: −0.448% → +0.036%: −$48.42
Slippage, 4 orders: −$27.79
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.2
Costs to cover: 0.428%
Break-even: 12.8 days

Slippage from Aster: live order book, 5 min ago; Phoenix: live order book, 60 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 Aster live order book, 5 min ago	2.27 bp	8.5 bp −$9	43.1 bp −$431	doesn't fit	doesn't fit
Sell Phoenix live order book, 60 min ago	1.10 bp	12.7 bp −$13	43.6 bp −$436	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	0.4411	−0.027%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4408	−0.101%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4407	−0.130%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.520%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4410	−0.061%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.055%	$381K	$835K	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4413	long leg	$672K	$2.2M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4408	−0.106%	$64.0M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4407	−0.129%	$69.8M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	−0.106%	$17.1M	$72.9M	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	−0.548%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	−0.056%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4407	−0.129%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.106%	$46.7M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4410	−0.061%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4406	−0.151%	$25.0M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4406	−0.151%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.452%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.465%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.312%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.536%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4412	−0.018%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	−0.106%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	+0.007%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	+0.166%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	−0.006%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	−0.028%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4413	+0.007%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0172%	1h	0.4406	−0.147%	$196K	$989K	15x	as long as short
Phemex ONDOUSDT	+0.0175%	4h	0.4406	−0.151%	$4.2M	$7.5M	50x	as long as short
Hyperliquid ONDO	+0.0230%	1h	0.4412	−0.015%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.211%	$284K	$707K	50x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4393	−0.448%	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4415	+0.041%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4412	−0.015%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4406	−0.160%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4419	+0.137%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4409	−0.072%	$2K	—	20x	as long as short