Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.004%

Price spread now: MEXC against Phoenix−0.259%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.259%, 7d avg −0.078%

Together, before fees+0.201%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.181% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4558	0.0244	pay 0.0031% / 1h	49m 18s	$38K	$248K	10x
Short	MEXC ONDO_USDT	0.4546	0.0100	get 0.0050% / 4h	3h 49m	$48.5M	$41.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.259%Rate

Funding earned: −$30.33
Price spread: −0.259% → −0.078%: −$18.1
Slippage, 4 orders: −$20.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$75.77
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; MEXC: live order book, 10 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, 18 min ago	1.09 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell MEXC live order book, 10 min ago	1.09 bp	1.1 bp −$1	4.8 bp −$48	17.5 bp −$1,749	107.2 bp −$53.6K

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	−0.0879%	1h	0.4542	−0.348%	$2.7M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0056%	4h	0.4543	−0.325%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4550	−0.166%	$257K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4543	−0.325%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4543	−0.322%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.224%	$888	$216K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0048%	1h	0.4541	−0.369%	$173K	$326K	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4542	−0.347%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4547	−0.226%	$437K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4554	−0.092%	$40.2M	$26.0M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4547	−0.235%	$719K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4543	−0.325%	$68.0M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4543	−0.325%	$73.4M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4543	−0.325%	$17.5M	$79.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	−0.057%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4552	−0.123%	—	—	5x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4546	−0.259%	$48.5M	$41.3M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4547	−0.237%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4545	−0.281%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4545	−0.281%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4554	−0.086%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.351%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	−0.203%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	−0.108%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4552	−0.118%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4545	−0.281%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	−0.303%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4554	−0.083%	$133K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4543	−0.325%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4551	−0.150%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4543	−0.318%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4545	−0.281%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4556	−0.039%	$375	$2K	10x	as long as short
Phoenix ONDOlong	+0.0244%	1h	0.4558	long leg	$38K	$248K	10x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4555	−0.061%	$297K	$817K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4545	−0.281%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0464%	1h	0.4550	−0.169%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4543	−0.322%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4547	−0.231%	$2K	—	20x	as long as short