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: SunX against Phemex−0.069%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1751.748% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.069%, 7d avg −0.010%

Together, before fees+0.270%+$27 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: SunX is 0.059% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4361	0.0100	pay 0.0050% / 4h	3h 17m	$4.3M	$9.1M	50x
Short	SunX ONDO-USDT	0.4358	0.0100	get 0.0050% / 4h	3h 17m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → −0.010%: −$5.9
Slippage, 4 orders: −$154.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$180.74
Costs to cover: 1.748%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; SunX: live order book, 7 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, 6 min ago	4.61 bp	18.4 bp −$18	27.9 bp −$279	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	47.32 bp	69.3 bp −$69	doesn't fit	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	−0.0175%	1h	0.4360	−0.014%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4356	−0.110%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.747%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4369	+0.190%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4359	−0.057%	$341K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4365	+0.096%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4366	+0.115%	$63.6M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4362	+0.023%	$68.2M	$120.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4365	+0.092%	$17.4M	$71.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4350	−0.252%	$71K	$78K	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	0.4364	+0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4363	+0.046%	$13.4M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4363	+0.046%	$43.9M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4364	+0.069%	$12.3M	$10.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4364	+0.069%	$25.2M	$35.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4364	+0.069%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4363	+0.037%	$181K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4357	−0.095%	$690K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4358	−0.075%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4361	0.000%	$412K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	0.000%	$135K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4357	−0.092%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4359	−0.046%	$24K	$6K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4358	−0.069%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4362	+0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4368	+0.161%	$132K	$368K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4361	long leg	$4.3M	$9.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4362	+0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4363	+0.038%	$363K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4364	+0.061%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0209%	1h	0.4361	0.000%	$28K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4364	+0.069%	$215K	$713K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4366	+0.126%	$359	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4351	−0.236%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4357	−0.092%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0458%	1h	0.4368	+0.149%	$36.7M	$27.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4357	−0.102%	$504K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4357	−0.090%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3214%	1h	0.4360	−0.017%	$249K	$159K	5x	as long as short