Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.052%

Price spread now: BloFin against Phoenix−0.259%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.479%+$48 on $10k

Price spread, last 4 days (all we have)+0.324%+$32 · spread now −0.259%, 7d avg −0.049%

Together, before fees+0.803%+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.209% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.259% now, against its 7-day average of −0.049%). If the spread goes back, that is −$21 on $10k: about 28 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.479% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4332	0.0315	pay 0.0039% / 1h	36m 49s	$35K	$221K	10x
Short	BloFin ONDO-USDT	0.4321	0.0340	get 0.0170% / 4h	36m 49s	$3.1M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.259%Rate

Funding earned: $5.27
Price spread: −0.259% → −0.049%: −$20.93
Slippage, 4 orders: −$27.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$62.08
Costs to cover: 0.464%
Break-even: 89.4 days

Slippage from Phoenix: live order book, 60 min ago; BloFin: live order book, 1 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, 60 min ago	0.93 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	4.62 bp	10.6 bp −$11	13.2 bp −$132	29.5 bp −$2,954	108.5 bp −$54.3K

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	−0.0176%	1h	0.4315	−0.390%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4318	−0.322%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.443%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4321	−0.263%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4319	−0.305%	$346K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	−0.328%	$773K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4317	−0.357%	$62.6M	$233.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4310	−0.512%	$67.7M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4310	−0.512%	$17.3M	$71.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4336	+0.092%	$71K	$81K	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	0.4320	−0.283%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4318	−0.328%	$12.8M	$15.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4319	−0.305%	$43.6M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.282%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4317	−0.351%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4317	−0.351%	—	$775K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4320	−0.282%	$175K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4333	+0.011%	$735K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4326	−0.136%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4329	−0.074%	$399K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4335	+0.065%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	−0.245%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4317	−0.351%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4325	−0.166%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4318	−0.328%	$489	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4327	−0.120%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4318	−0.328%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4323	−0.206%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4316	−0.366%	$353K	$800K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4320	−0.282%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4318	−0.328%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4319	−0.298%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4324	−0.189%	$214K	$730K	50x	as long as short
Phoenix ONDOlong	+0.0315%	1h	0.4332	long leg	$35K	$221K	10x
BloFin ONDO-USDTshort	+0.0340%	4h	0.4321	−0.259%	$3.1M	$3.2M	75x
Hyperliquid ONDO	+0.0352%	1h	0.4322	−0.238%	$36.5M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4318	−0.325%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4319	−0.300%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1619%	1h	0.4318	−0.337%	$242K	$156K	5x	as long as short