Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −1.302%

Price spread now: Phemex against dYdX+0.010%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$402as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1111.107% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.914%−$291 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.010%, 7d avg +0.020%

Together, before fees−2.937%−$294 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −2.914%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4339	0.0017	pay 0.0002% / 1h	14m 31s	$244K	$141K	5x
Short	Phemex ONDOUSDT	0.4339	0.0100	get 0.0050% / 4h	1h 14m	$4.2M	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $17.49
Price spread: +0.010% → +0.020%: −$1.04
Slippage, 4 orders: −$88.7
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$94.25
Costs to cover: 1.107%
Break-even: 44.7 days

Slippage from dYdX: live order book, 30 min ago; Phemex: live order book, 4 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 dYdX live order book, 30 min ago	33.44 bp	38.4 bp −$38	38.4 bp −$384	136.2 bp −$13.6K	708.6 bp −$354.3K
Sell Phemex live order book, 4 min ago	3.45 bp	14.9 bp −$15	23.4 bp −$234	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	−0.0146%	1h	0.4338	−0.011%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4336	−0.065%	$7K	—	150x	as long as short
dYdX ONDO-USDlong	+0.0017%	1h	0.4339	long leg	$244K	$141K	5x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.288%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4345	+0.137%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4341	+0.056%	$348K	$890K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4343	+0.092%	$780K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4341	+0.056%	$62.8M	$234.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4340	+0.033%	$68.0M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4341	+0.056%	$17.3M	$72.3M	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	0.4336	−0.064%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	+0.028%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4339	+0.010%	$12.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4341	+0.056%	$43.7M	$42.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4338	−0.013%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4341	+0.056%	$24.8M	$37.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4339	+0.010%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4340	+0.045%	$176K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	+0.004%	$723K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4340	+0.044%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	+0.051%	$403K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4342	+0.079%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4340	+0.045%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4337	−0.036%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4339	+0.010%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4341	+0.056%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4348	+0.218%	$129K	$399K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4339	+0.010%	$4.2M	$8.7M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4340	+0.032%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	−0.019%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4342	+0.070%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0221%	1h	0.4345	+0.155%	$36.5M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4344	+0.132%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.079%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4344	+0.114%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4339	+0.010%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4341	+0.056%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4335	−0.080%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4340	+0.027%	$2K	—	20x	as long as short