Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Nado against Phemex−0.055%7-day average −0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.055%, 7d avg −0.016%

Together, before fees+0.129%+ Points / potential airdropNado: Active · farm board+$13 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: Nado is 0.039% cheaper against Phemex than usual: you would sell low and buy high, −$4 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	Phemex ONDOUSDT	0.4578	0.0100	pay 0.0050% / 4h	1h 24m	$4.8M	$6.5M	50x
Short	Nado ONDO-PERP	0.4576	0.0100	get 0.0012% / 1h	24m 14s	$432K	$700K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. 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 PhemexbpFee NadobpOrdersPrice spread, now −0.055%Rate

Funding earned: $0
Price spread: −0.055% → −0.016%: −$3.87
Slippage, 4 orders: −$27.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$50.59
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 59 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 Phemex live order book, 5 min ago	3.29 bp	14.4 bp −$14	24.1 bp −$241	doesn't fit	doesn't fit
Sell Nado live order book, 59 min ago	0.66 bp	7.4 bp −$7	23.3 bp −$233	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	−0.0351%	1h	0.4578	−0.002%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4578	+0.009%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4577	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4576	−0.055%	$432K	$700K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4582	+0.087%	$734K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4580	+0.052%	$67.7M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4579	+0.022%	$74.6M	$120.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4578	0.000%	$17.8M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4584	+0.127%	$74K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4577	−0.018%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4577	−0.022%	$11.9M	$18.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4580	+0.044%	$48.2M	$44.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4578	0.000%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4577	−0.022%	$25.9M	$41.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4580	+0.044%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4580	+0.046%	$238K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4570	−0.176%	$781K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4554	−0.520%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4558	−0.433%	$427K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4556	−0.481%	$163K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4579	+0.024%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4581	+0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	+0.044%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4585	+0.153%	$133K	$506K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4578	long leg	$4.8M	$6.5M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4575	−0.057%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4579	+0.014%	$409K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.109%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	−0.042%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.218%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.066%	$301K	$868K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4577	−0.022%	$3.2M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0405%	1h	0.4580	+0.044%	$26K	$396K	25x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4581	+0.072%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0415%	1h	0.4582	+0.090%	$41.0M	$26.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0624% / S −0.0204%	1h	0.4578	−0.003%	$570K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4588	+0.223%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4579	+0.025%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3392%	1h	0.4575	−0.068%	$259K	$129K	5x	as long as short