Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against edgeX+0.076%78s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$480.479% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now +0.076%, 7d avg +0.015%

Together, before fees−0.107%+ Points / potential airdropedgeX: Active · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.062% dearer against edgeX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.015%. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4549	0.0100	pay 0.0050% / 4h	3h 49m	$5K	$319K	20x
Short	Phemex ONDOUSDT	0.4552	0.0100	get 0.0050% / 4h	3h 49m	$4.5M	$7.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: $0
Price spread: +0.076% → +0.015%: $6.16
Slippage, 4 orders: −$26.9
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$41.75
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from edgeX: live order book, 23 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 edgeX live order book, 23 min ago	4.38 bp	9.6 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.10 bp	12.2 bp −$12	24.0 bp −$240	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	−0.0878%	1h	0.4548	−0.007%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0103%	1h	0.4551	+0.054%	$173K	$315K	50x	as long as short
Gate ONDO_USDT	−0.0102%	4h	0.4549	+0.010%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4550	+0.037%	$257K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	+0.036%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.428%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4547	−0.034%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	+0.082%	$437K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4557	+0.182%	$40.3M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	+0.080%	$720K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4553	+0.101%	$68.1M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4552	+0.076%	$73.5M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4553	+0.098%	$17.6M	$79.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.147%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4552	+0.073%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4552	+0.076%	$48.6M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4553	+0.098%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4553	+0.098%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4551	+0.054%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4554	+0.118%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.148%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4549	long leg	$5K	$319K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	+0.095%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4556	+0.167%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	+0.098%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4549	+0.010%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.208%	$134K	$502K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4552	+0.076%	$4.5M	$7.0M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4550	+0.031%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4552	+0.072%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	+0.021%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4549	+0.010%	$33K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4556	+0.167%	$375	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4554	+0.112%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	−0.034%	$296K	$816K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.165%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0472%	1h	0.4558	+0.206%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4549	+0.017%	$544K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4553	+0.104%	$2K	—	20x	as long as short