Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.005%

Price spread now: Phoenix against Orderly−0.136%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.136% cheaper against Orderly than usual: you would sell low and buy high (spread −0.136% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 3.1 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4561	0.0098	pay 0.0049% / 4h	18m 38s	$25K	$8K	10x
Short	Phoenix ONDO	0.4555	0.0244	get 0.0031% / 1h	18m 38s	$38K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.136%Rate

Funding earned: $30.7
Price spread: −0.136% → 0.000%: −$13.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.11
Costs to cover: 0.130%
Break-even: 6.1 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 54 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 54 min ago	1.09 bp	12.6 bp −$13	43.6 bp −$436	doesn't fit	doesn't fit

Orderly: 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	−0.0800%	1h	0.4561	+0.008%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.153%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4561	+0.004%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDClong	+0.0098%	4h	0.4561	long leg	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4560	−0.027%	$438K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4565	+0.088%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4563	+0.044%	$68.2M	$226.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4561	0.000%	$74.0M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4561	0.000%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4547	−0.303%	$74K	$88K	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	0.4563	+0.046%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4560	−0.022%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4562	+0.022%	$48.8M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4563	+0.044%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4563	+0.044%	$25.8M	$40.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4562	+0.022%	—	$739K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4565	+0.092%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4549	−0.266%	$782K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4538	−0.509%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4543	−0.402%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4539	−0.482%	$172K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4565	+0.094%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4554	−0.153%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4563	+0.044%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4563	+0.044%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4562	+0.022%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4562	+0.026%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4561	+0.003%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4565	+0.082%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0116%	1h	0.4566	+0.110%	$40.4M	$26.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4564	+0.066%	$35K	$437K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4555	−0.136%	$38K	$257K	10x
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4562	+0.022%	$297K	$844K	50x	as long as short
01 Exchange ONDOUSD	+0.0312%	1h	0.4566	+0.107%	$376	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4553	−0.175%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4561	−0.002%	$545K	—	100x	as long as short
Lighter ONDO	+0.0736%	1h	0.4571	+0.213%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4562	+0.012%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3376%	1h	0.4564	+0.073%	$258K	$132K	5x	as long as short