Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.013%

Price spread now: Phoenix against KuCoin+0.032%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now +0.032%, 7d avg +0.066%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.034% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.032% now, against its 7-day average of +0.066%). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.085%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% 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	KuCoin ONDOUSDTM	0.4352	0.0100	pay 0.0050% / 4h	3h 15m	$12.6M	$10.5M	50x
Short	Phoenix ONDO	0.4353	0.0327	get 0.0041% / 1h	15m 20s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.032%Rate

Funding earned: $47.65
Price spread: +0.032% → +0.066%: −$3.43
Slippage, 4 orders: −$42.88
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.65
Costs to cover: 0.619%
Break-even: 9.6 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 32 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 KuCoin live order book, 3 min ago	2.30 bp	14.8 bp −$15	36.2 bp −$362	doesn't fit	doesn't fit
Sell Phoenix live order book, 32 min ago	0.91 bp	12.6 bp −$13	43.8 bp −$438	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	−0.0161%	1h	0.4351	−0.023%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4351	−0.023%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.963%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4356	+0.085%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4351	−0.023%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4354	+0.040%	$359K	$840K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4353	+0.023%	$62.8M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4350	−0.046%	$67.6M	$124.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	+0.023%	$17.0M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4345	−0.168%	$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	−0.005%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4352	0.000%	$11.8M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4355	+0.069%	$43.1M	$42.0M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4352	long leg	$12.6M	$10.5M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4351	−0.023%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4353	+0.023%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4353	+0.016%	$183K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4351	−0.029%	$689K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4359	+0.167%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4355	+0.069%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4356	+0.092%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4354	+0.041%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4354	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4352	0.000%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4362	+0.230%	$129K	$423K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4353	+0.023%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4353	+0.019%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4350	−0.051%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4354	+0.035%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0148%	4h	0.4354	+0.035%	$787K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4355	+0.080%	$358	$2K	10x	as long as short
Hyperliquid ONDO	+0.0176%	1h	0.4356	+0.090%	$37.3M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4359	+0.161%	$246K	$724K	50x	as long as short
Phoenix ONDOshort	+0.0327%	1h	0.4353	+0.032%	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4357	+0.115%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0555% / S −0.0193%	1h	0.4352	−0.004%	$484K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0670%	1h	0.4354	+0.046%	$18K	$362K	25x	as long as short
dYdX ONDO-USD	+0.0787%	1h	0.4352	−0.009%	$246K	$129K	5x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4353	+0.023%	$2K	—	20x	as long as short