Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.021%

Price spread now: Orderly against Phoenix−0.056%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.056% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4317	0.0315	pay 0.0039% / 1h	17m 00s	$35K	$221K	10x
Short	Orderly PERP_ONDO_USDC	0.4315	0.0100	get 0.0050% / 4h	17m 00s	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.056%Rate

Funding earned: −$45.13
Price spread: −0.056% → 0.000%: −$5.56
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$63.69
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 15 min ago; Orderly: 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 Phoenix live order book, 15 min ago	0.93 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_ONDOUSD	−0.0176%	1h	0.4314	−0.083%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4314	−0.080%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.804%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4320	+0.060%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4315	−0.044%	$345K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.014%	$756K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4318	+0.014%	$62.8M	$234.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4317	−0.009%	$68.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4319	+0.037%	$17.3M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4305	−0.292%	$71K	$80K	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	0.4315	−0.060%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4315	−0.056%	$12.9M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4316	−0.032%	$43.9M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4316	−0.032%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4317	−0.009%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4317	−0.009%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4318	+0.012%	$175K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4292	−0.594%	$673K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4308	−0.206%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	−0.079%	$400K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−0.171%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	−0.030%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4315	−0.056%	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4316	−0.032%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4317	−0.009%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4326	+0.199%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4316	−0.032%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4314	−0.089%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4316	−0.041%	$355K	$809K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4319	+0.025%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4318	+0.014%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4309	−0.195%	$213K	$730K	50x	as long as short
Phoenix ONDOlong	+0.0315%	1h	0.4317	long leg	$35K	$221K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4313	−0.102%	$3.1M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0358%	1h	0.4323	+0.118%	$36.5M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0445%	1h	0.4318	+0.014%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4314	−0.080%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4315	−0.061%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1675%	1h	0.4310	−0.171%	$242K	$156K	5x	as long as short