ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0294%/8h= +32.1% APRnext payment +$0.37 per $10,000 · paid last 24h +0.421%

Price spread now: Phoenix against Injective−4.385%7-day average +0.820% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+3.342%+$334 on $10k

Price spread, last 4 days (all we have)+5.109%+$511 · spread now −4.385%, 7d avg +0.820%

Together, before fees+8.451%+$845 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 5.205% cheaper against Injective than usual: you would sell low and buy high (spread −4.385% now, against its 7-day average of +0.820%). If the spread goes back, that is −$520 on $10k: about 59 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+3.342% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	23m 12s	$888	$216K	5.5x
Short	Phoenix ONDO	0.4368	0.0327	get 0.0041% / 1h	23m 12s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhoenixbpOrdersPrice spread, now −4.385%Rate

Funding earned: $61.65
Price spread: −4.385% → +0.820%: −$520.47
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$465.83
Costs to cover: 0.070%
Break-even: 59.9 days

Slippage unknown: Injective: no order-book sample; Phoenix: live order book, 24 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 24 min ago	0.91 bp	12.6 bp −$13	43.8 bp −$438	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0161%	1h	0.4351	−4.746%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4352	−4.732%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Lighter ONDO	+0.0096%	1h	0.4358	−4.599%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4353	−4.707%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4353	−4.707%	$359K	$841K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4354	−4.693%	$62.9M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4352	−4.729%	$67.7M	$124.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	−4.707%	$17.0M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4363	−4.481%	$72K	$83K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4352	−4.724%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4351	−4.750%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4353	−4.707%	$43.1M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4353	−4.707%	$12.6M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4354	−4.685%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4352	−4.729%	—	$759K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4358	−4.595%	$183K	$980K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4364	−4.473%	$713K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	−4.359%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4364	−4.475%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4368	−4.378%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4353	−4.711%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4354	−4.685%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4354	−4.685%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4360	−4.553%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4356	−4.641%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4353	−4.716%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4352	−4.722%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4355	−4.659%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0116%	1h	0.4352	−4.718%	$246K	$129K	5x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4354	−4.687%	$358	$2K	10x	as long as short
Aster ONDOUSDT	+0.0166%	4h	0.4354	−4.674%	$786K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0202%	1h	0.4356	−4.645%	$37.4M	$24.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0210%	1h	0.4354	−4.685%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4368	−4.378%	$248K	$725K	50x	as long as short
Phoenix ONDOshort	+0.0327%	1h	0.4368	−4.385%	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4357	−4.619%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0555% / S −0.0193%	1h	0.4352	−4.739%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4353	−4.709%	$2K	—	20x	as long as short