Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.022%

Price spread now: BingX against Phoenix−0.128%49s7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1441.445% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.374%−$37 · spread now −0.128%, 7d avg −0.093%

Together, before fees−0.314%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BingX is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.093%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.059%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4313	0.0277	pay 0.0035% / 1h	26m 35s	$35K	$218K	10x
Short	BingX ONDO-USDC	0.4307	0.0100	get 0.0050% / 4h	3h 26m	—	$781K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$37.24
Price spread: −0.128% → −0.093%: −$3.42
Slippage, 4 orders: −$127.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$185.12
Costs to cover: 1.445%
Break-even: never at this rate

Slippage from Phoenix: live order book, 66 min ago; BingX: live order book, 17 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 Phoenix live order book, 66 min ago	0.93 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell BingX live order book, 17 min ago	2.31 bp	53.9 bp −$54	107.4 bp −$1,074	717.6 bp −$71.8K	996.2 bp −$498.1K

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	−0.0177%	1h	0.4311	−0.034%	$2.5M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4312	−0.012%	$28K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4301	−0.268%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.925%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4313	+0.002%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4310	−0.058%	$342K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4312	−0.012%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4309	−0.085%	$62.8M	$233.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4305	−0.174%	$67.4M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4308	−0.104%	$17.2M	$70.8M	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	0.4318	+0.118%	$71K	$79K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4305	−0.163%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4307	−0.128%	$13.2M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4307	−0.128%	$43.9M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4308	−0.104%	$12.1M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4307	−0.128%	$24.9M	$36.4M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4307	−0.128%	—	$781K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4311	−0.026%	$178K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.063%	$678K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	+0.012%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4310	−0.057%	$404K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.012%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4310	−0.058%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4310	−0.058%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4311	−0.035%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4311	−0.035%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4320	+0.174%	$128K	$368K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4312	−0.012%	$4.2M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4307	−0.117%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4304	−0.191%	$357K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4312	−0.001%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	+0.638%	$214K	$719K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4308	−0.114%	$355	$2K	10x	as long as short
Phoenix ONDOlong	+0.0277%	1h	0.4313	long leg	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4314	+0.035%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0503%	1h	0.4312	−0.007%	$36.2M	$27.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0208%	1h	0.4310	−0.055%	$499K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4310	−0.064%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3628%	1h	0.4309	−0.075%	$246K	$159K	5x	as long as short