Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1051%/8h= +115.1% APRpaid last 24h +0.308%

Price spread now: Reya against Phemex+0.091%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Reya is 0.091% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4357	0.0100	pay 0.0050% / 4h	37m 40s	$4.2M	$7.8M	50x
Short	Reya ONDORUSDPERP	0.4361	0.1151	get 0.0144% / 1h	37m 40s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.091%Rate

Funding earned: $220.76
Price spread: +0.091% → 0.000%: $9.14
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $211.9
Costs to cover: 0.180%
Break-even: 0.3 days

Slippage unknown: Phemex: live order book, 6 min ago; Reya: no order-book sample. 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 Phemex live order book, 6 min ago	3.42 bp	16.5 bp −$17	24.2 bp −$242	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4357	−0.001%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4357	+0.002%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.843%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4356	−0.011%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4356	−0.023%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	+0.098%	$368K	$850K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4356	−0.030%	$37.3M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4353	−0.092%	$62.8M	$230.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4351	−0.138%	$67.5M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4352	−0.115%	$17.0M	$72.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4384	+0.627%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4350	−0.165%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4350	−0.161%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4352	−0.115%	$45.4M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4354	−0.069%	$12.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4351	−0.138%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4352	−0.115%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4357	−0.007%	$186K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4369	+0.268%	$708K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	+0.475%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4376	+0.426%	$410K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4372	+0.344%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	+0.062%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4359	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4357	0.000%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4368	+0.252%	$127K	$478K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4357	long leg	$4.2M	$7.8M	50x
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4353	−0.082%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4349	−0.174%	$396K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4362	+0.104%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0197%	1h	0.4354	−0.064%	$246K	$129K	5x	as long as short
Aster ONDOUSDT	+0.0213%	4h	0.4356	−0.023%	$740K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4351	−0.126%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.849%	$276K	$718K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	+0.207%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4374	+0.379%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4360	+0.069%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0604% / S −0.0219%	1h	0.4357	+0.003%	$518K	—	100x	as long as short
Reya ONDORUSDPERPshort	+0.1151%	1h	0.4361	+0.091%	$2K	—	20x