Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX+0.070%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.070%, 7d avg +0.023%

Together, before fees−0.264%−$26 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 0.047% dearer against OKX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4301	0.0100	pay 0.0050% / 4h	1h 03m	$17.2M	$65.8M	50x
Short	Phemex ONDOUSDT	0.4304	0.0100	get 0.0050% / 4h	1h 03m	$4.1M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: $0
Price spread: +0.070% → +0.023%: $4.72
Slippage, 4 orders: −$21.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.68
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 4 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 OKX live order book, 4 min ago	1.16 bp	7.1 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.16 bp	13.0 bp −$13	20.4 bp −$204	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0326%	1h	0.4305	+0.090%	$2.5M	$6.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4302	+0.023%	$21K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4303	+0.037%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.208%	$888	$215K	5.5x	as long as short
Bybit ONDOUSDT	+0.0037%	4h	0.4301	0.000%	$66.6M	$113.2M	50x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4304	+0.067%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4307	+0.135%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4302	+0.023%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4302	+0.023%	$332K	$816K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4306	+0.107%	$36.3M	$26.3M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4305	+0.096%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4303	+0.047%	$62.2M	$213.7M	75x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4301	long leg	$17.2M	$65.8M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4306	+0.116%	$69K	$67K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4303	+0.037%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4302	+0.023%	$14.0M	$13.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4303	+0.047%	$44.1M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4303	+0.047%	$13.0M	$9.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4303	+0.047%	$24.8M	$31.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4302	+0.023%	—	$23.4M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4304	+0.074%	$181K	$976K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4306	+0.125%	$616K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.034%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4302	+0.033%	$405K	$2.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4302	+0.023%	$86K	$350K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4304	+0.070%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4302	+0.023%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4302	+0.023%	$447	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4317	+0.372%	$106K	$444K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4304	+0.070%	$4.1M	$8.4M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4301	+0.002%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4301	−0.010%	$348K	$761K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4303	+0.035%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0166% / S +0.0191%	1h	0.4308	+0.164%	$328K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4308	+0.165%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4305	+0.093%	$212K	$558K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4301	0.000%	$3.2M	$2.8M	75x	as long as short
Reya ONDORUSDPERP	+0.1168%	1h	0.4301	+0.007%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3743%	1h	0.4304	+0.067%	$246K	$160K	5x	as long as short