Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.015%

Price spread now: Phoenix against Binance+0.116%105s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as 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−$400.400% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now +0.116%, 7d avg +0.064%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.052% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.064%. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% 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	Binance ONDOUSDT	0.4301	0.0100	pay 0.0050% / 4h	2h 27m	$61.9M	$236.0M	75x
Short	Phoenix ONDO	0.4306	0.0332	get 0.0042% / 1h	27m 32s	$34K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.116%Rate

Funding earned: $48.79
Price spread: +0.116% → +0.064%: $5.18
Slippage, 4 orders: −$23.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $13.94
Costs to cover: 0.400%
Break-even: 5.0 days

Slippage from Binance: live order book, 16 min ago; Phoenix: live order book, 15 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 Binance live order book, 16 min ago	1.16 bp	7.4 bp −$7	13.1 bp −$131	50.4 bp −$5,041	doesn't fit
Sell Phoenix live order book, 15 min ago	0.93 bp	12.7 bp −$13	43.7 bp −$437	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
Kraken Futures PF_ONDOUSD	−0.0243%	1h	0.4297	−0.082%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4296	−0.120%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0015%	1h	0.4297	−0.098%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.208%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0080%	1h	0.4300	−0.033%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4303	+0.053%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4297	−0.099%	$348K	$877K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4300	−0.030%	$35.9M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4302	+0.023%	$769K	$2.6M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4301	long leg	$61.9M	$236.0M	75x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4298	−0.070%	$67.1M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4300	−0.023%	$17.1M	$73.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4295	−0.128%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4298	−0.068%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4299	−0.047%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4300	−0.023%	$42.4M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4299	−0.047%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4300	−0.023%	$24.6M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4300	−0.023%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	+0.012%	$176K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4295	−0.143%	$649K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4308	+0.152%	$4K	$314K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	+0.096%	$404K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4307	+0.140%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4299	−0.049%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4297	−0.093%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4299	−0.047%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4299	−0.047%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4305	+0.093%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4300	−0.023%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4300	−0.035%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4299	−0.051%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4301	+0.012%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4300	−0.023%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.046%	$218K	$764K	50x	as long as short
Phoenix ONDOshort	+0.0332%	1h	0.4306	+0.116%	$34K	$223K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4309	+0.186%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4295	−0.131%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4297	−0.092%	$2K	—	20x	as long as short