Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0872%/8h= +95.4% APRpaid last 24h 0.000%

Price spread now: Phemex against Ondo Perps+0.084%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Phemex is 0.084% dearer against Ondo Perps than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.199%, 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 -0.199% in total (about -10.4% 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	Ondo Perps ONDO-USD.P	0.4395	0.0100	pay 0.0013% / 1h	39m 14s	$72K	$89K	10x
Short	Phemex ONDOUSDT	0.4399	0.0972	get 0.0486% / 4h	2h 39m	$4.2M	$7.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.084%Rate

Funding earned: $183.03
Price spread: +0.084% → 0.000%: $8.42
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $174.45
Costs to cover: 0.170%
Break-even: 0.3 days

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	13.51 bp	29.0 bp −$29	39.9 bp −$399	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0363%	1h	0.4400	+0.110%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	+0.019%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4409	+0.312%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.929%	$888	$216K	5.5x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	+0.346%	$392K	$848K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4409	+0.302%	$686K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4402	+0.147%	$64.1M	$231.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4401	+0.130%	$70.0M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	+0.152%	$17.0M	$76.0M	50x	as long as short
Ondo Perps ONDO-USD.Plong	+0.0100%	1h	0.4395	long leg	$72K	$89K	10x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4393	−0.051%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4399	+0.084%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4400	+0.107%	$43.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4410	+0.334%	$13.2M	$11.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	+0.152%	$25.0M	$40.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4401	+0.130%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4403	+0.173%	$198K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	+0.126%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.950%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.153%	$406K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.880%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4408	+0.293%	$93K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4408	+0.289%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	+0.289%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4400	+0.107%	$457	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4418	+0.516%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4396	+0.026%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4408	+0.299%	$398K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.334%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4410	+0.334%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0250%	1h	0.4403	+0.184%	$38.8M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4397	+0.039%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4401	+0.130%	$282K	$788K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.685%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.722%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4408	+0.297%	$485K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4409	+0.305%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDTshort	+0.0972%	4h	0.4399	+0.084%	$4.2M	$7.3M	50x
Reya ONDORUSDPERP	+0.1147%	1h	0.4412	+0.386%	$2K	—	20x	as long as short