Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Phemex against Extended−0.011%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.011%, 7d avg +0.050%

Together, before fees−0.193%+ Points / potential airdropExtended: Active · farm board−$19 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 0.061% cheaper against Extended than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ONDO-USD	0.4318	0.0104	pay 0.0013% / 1h	28m 08s	$391K	$786K	25x
Short	Phemex ONDOUSDT	0.4318	0.0100	get 0.0050% / 4h	1h 28m	$4.2M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$0.84
Price spread: −0.011% → +0.050%: −$6.1
Slippage, 4 orders: −$27.78
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$51.73
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Extended: live order book, 15 min ago; Phemex: live order book, 6 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 Extended live order book, 15 min ago	3.46 bp	6.0 bp −$6	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	3.47 bp	17.1 bp −$17	22.6 bp −$226	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	−0.0147%	1h	0.4317	−0.038%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	−0.033%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0005%	1h	0.4314	−0.098%	$242K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.778%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4322	+0.088%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4319	+0.012%	$347K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4320	+0.041%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4323	+0.096%	$62.6M	$235.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4321	+0.058%	$67.6M	$124.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4322	+0.081%	$17.2M	$72.5M	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	0.4306	−0.287%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4316	−0.062%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4318	−0.011%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4318	−0.011%	$43.2M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4318	−0.011%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	+0.058%	$24.7M	$38.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4320	+0.035%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4320	+0.030%	$171K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4313	−0.133%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.123%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4315	−0.078%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	−0.034%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4320	+0.037%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4317	−0.034%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4318	−0.011%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4320	+0.035%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4325	+0.151%	$128K	$403K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4318	−0.011%	$4.2M	$8.6M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4317	−0.044%	$6K	—	10x	as long as short
Extended ONDO-USDlong	+0.0104%	1h	0.4318	long leg	$391K	$786K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4321	+0.069%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0115%	1h	0.4323	+0.100%	$36.2M	$27.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4319	+0.005%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4320	+0.035%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.197%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4318	−0.004%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.035%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4317	−0.027%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4318	−0.005%	$2K	—	20x	as long as short