Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado+0.080%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.244%−$24 · spread now +0.080%, 7d avg +0.016%

Together, before fees−0.247%+ Points / potential airdropNado: Active · farm board−$25 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 0.065% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4364	0.0100	pay 0.0012% / 1h	17m 00s	$342K	$886K	10x
Short	Phemex ONDOUSDT	0.4368	0.0100	get 0.0050% / 4h	3h 17m	$4.3M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.080%Rate

Funding earned: $0
Price spread: +0.080% → +0.016%: $6.46
Slippage, 4 orders: −$21.82
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.36
Costs to cover: 0.408%
Break-even: 3530083719762220.0 days

Slippage from Nado: live order book, 16 min ago; Phemex: live order book, 2 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 Nado live order book, 16 min ago	0.58 bp	7.0 bp −$7	20.2 bp −$202	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.29 bp	14.2 bp −$14	21.0 bp −$210	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	−0.0175%	1h	0.4367	+0.060%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4365	+0.016%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.663%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4374	+0.206%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4364	long leg	$342K	$886K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4367	+0.060%	$765K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4366	+0.034%	$63.6M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4362	−0.057%	$68.2M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4364	−0.011%	$17.4M	$71.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4350	−0.332%	$71K	$78K	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	0.4364	−0.019%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4367	+0.057%	$13.4M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4367	+0.057%	$43.9M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4367	+0.057%	$12.3M	$10.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4365	+0.011%	$25.2M	$35.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4365	+0.011%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4366	+0.037%	$181K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4357	−0.175%	$690K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4358	−0.155%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4361	−0.080%	$412K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	−0.080%	$135K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4364	−0.011%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4367	+0.057%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4369	+0.103%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4370	+0.126%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4377	+0.286%	$132K	$368K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4368	+0.080%	$4.3M	$9.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4362	−0.052%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4367	+0.067%	$363K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4370	+0.118%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4369	+0.103%	$29K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4364	−0.011%	$215K	$713K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4366	+0.046%	$359	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4366	+0.030%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	+0.034%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0458%	1h	0.4371	+0.156%	$36.8M	$27.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0584% / S −0.0208%	1h	0.4366	+0.045%	$505K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4364	−0.005%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3214%	1h	0.4360	−0.097%	$249K	$159K	5x	as long as short