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 Bybit−0.089%45s7-day average +0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as 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−$410.407% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.960%+$96 · spread now −0.089%, 7d avg +0.121%

Together, before fees+0.936%+$94 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.209% cheaper against Bybit than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.121%). If the spread goes back, that is −$21 on $10k: about 2.9 days of funding at the current rate (+$7 a day). The two prices were read 45 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 -0.024% in total (about -1.2% 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	Bybit ONDOUSDT	0.4400	0.0100	pay 0.0050% / 4h	1h 54m	$69.7M	$121.9M	50x
Short	Phoenix ONDO	0.4396	0.0338	get 0.0042% / 1h	54m 42s	$35K	$225K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.089%Rate

Funding earned: $50.01
Price spread: −0.089% → +0.121%: −$20.94
Slippage, 4 orders: −$22.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.59
Costs to cover: 0.407%
Break-even: 8.6 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 68 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 Bybit live order book, 4 min ago	1.13 bp	8.4 bp −$8	15.0 bp −$150	52.7 bp −$5,274	doesn't fit
Sell Phoenix live order book, 68 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
ApeX Omni ONDOUSDT	−0.0069%	1h	0.4382	−0.409%	$135K	$353K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4399	−0.017%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4394	−0.136%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.818%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4394	−0.135%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4394	−0.136%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4397	−0.057%	$376K	$832K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4403	+0.068%	$670K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4401	+0.022%	$63.9M	$225.1M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4400	long leg	$69.7M	$121.9M	50x

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4399	−0.023%	$17.0M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−0.200%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4400	+0.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	+0.023%	$11.6M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4400	0.000%	$46.6M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	0.000%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4399	−0.023%	$25.0M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4403	+0.068%	—	$761K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4418	+0.404%	$712K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	−0.278%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	−0.233%	$405K	$978K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4401	+0.020%	$78K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4398	−0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4397	−0.068%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4408	+0.182%	$130K	$481K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4398	−0.038%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4402	+0.056%	$398K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4398	−0.045%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0134%	1h	0.4403	+0.068%	$38.5M	$24.0M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0186%	1h	0.4399	−0.027%	$191K	$983K	15x	as long as short
Phemex ONDOUSDT	+0.0195%	4h	0.4397	−0.068%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4395	−0.114%	$23K	$349K	25x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4396	−0.089%	$35K	$225K	10x
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.500%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4404	+0.100%	$362	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4394	−0.133%	$485K	—	100x	as long as short
Lighter ONDO	+0.0592%	1h	0.4407	+0.159%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4395	−0.108%	$2K	—	20x	as long as short