Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.004%

Price spread now: Phoenix against MEXC+0.035%92s7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$270.273% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)+0.091%+$9 · spread now +0.035%, 7d avg +0.077%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.042% cheaper against MEXC than usual: you would sell low and buy high (spread +0.035% now, against its 7-day average of +0.077%). If the spread goes back, that is −$4 on $10k: about 23 hours of funding at the current rate (+$4 a day). The two prices were read 92 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	MEXC ONDO_USDT	0.4552	0.0100	pay 0.0050% / 4h	3h 50m	$48.6M	$41.3M	200x
Short	Phoenix ONDO	0.4554	0.0244	get 0.0031% / 1h	50m 00s	$38K	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.035%Rate

Funding earned: $30.33
Price spread: +0.035% → +0.077%: −$4.18
Slippage, 4 orders: −$20.34
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.18
Costs to cover: 0.273%
Break-even: 7.3 days

Slippage from MEXC: live order book, 9 min ago; Phoenix: live order book, 18 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 MEXC live order book, 9 min ago	1.09 bp	1.1 bp −$1	5.1 bp −$51	23.2 bp −$2,321	107.8 bp −$53.9K
Sell Phoenix live order book, 18 min ago	1.09 bp	12.6 bp −$13	43.7 bp −$437	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	−0.083%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0103%	1h	0.4551	−0.022%	$173K	$315K	50x	as long as short
Gate ONDO_USDT	−0.0102%	4h	0.4549	−0.066%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4550	−0.039%	$257K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	−0.040%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.351%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4547	−0.110%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	+0.005%	$437K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4557	+0.105%	$40.3M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	+0.003%	$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	+0.025%	$68.1M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4552	0.000%	$73.5M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4553	+0.022%	$17.6M	$79.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.070%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4552	−0.003%	—	—	5x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4552	long leg	$48.6M	$41.3M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4553	+0.022%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4553	+0.022%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4551	−0.022%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4554	+0.042%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.224%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	−0.076%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	+0.019%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4556	+0.090%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4549	−0.066%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.132%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4552	0.000%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4550	−0.045%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4552	−0.004%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	−0.055%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4549	−0.066%	$33K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4556	+0.090%	$375	$2K	10x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4554	+0.035%	$38K	$248K	10x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	−0.110%	$296K	$816K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4541	−0.242%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0472%	1h	0.4558	+0.130%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4549	−0.060%	$544K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4553	+0.028%	$2K	—	20x	as long as short