Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0121%/8h= −13.3% APRpaid last 24h −0.027%

Price spread now: SunX against Phoenix−0.199%69s7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as 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−$1631.628% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.199%, 7d avg −0.079%

Together, before fees+0.221%+$22 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 SunX is 0.121% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.079%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.070%, so the current rate has only just turned against you. The two prices were read 69 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	0.4316	0.0221	pay 0.0028% / 1h	48m 25s	$35K	$208K	10x
Short	SunX ONDO-USDT	0.4307	0.0100	get 0.0050% / 4h	1h 48m	—	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$25.44
Price spread: −0.199% → −0.079%: −$12.06
Slippage, 4 orders: −$147.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$200.32
Costs to cover: 1.628%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; SunX: live order book, 9 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, 59 min ago	0.92 bp	12.7 bp −$13	51.2 bp −$512	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	47.33 bp	69.1 bp −$69	doesn't fit	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0326%	1h	0.4308	−0.171%	$2.5M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4308	−0.176%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4322	+0.137%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.849%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4311	−0.102%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4306	−0.222%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4308	−0.188%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4309	−0.161%	$767K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4307	−0.196%	$62.7M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4305	−0.246%	$67.3M	$116.4M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4308	−0.176%	$17.2M	$66.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−0.162%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4305	−0.236%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4305	−0.246%	$13.7M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4308	−0.176%	$46.0M	$40.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4306	−0.222%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4307	−0.199%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4306	−0.222%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4310	−0.130%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	−0.190%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	−0.100%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4322	+0.148%	$399K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	−0.060%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4309	−0.158%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4307	−0.199%	—	$1.3M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4309	−0.153%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4319	+0.079%	$105K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4312	−0.083%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4305	−0.240%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4307	−0.203%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4308	−0.187%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4306	−0.218%	$354	$2K	10x	as long as short
Hyperliquid ONDO	+0.0162%	1h	0.4310	−0.139%	$36.1M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0184% / S +0.0251%	1h	0.4315	−0.015%	$364K	—	100x	as long as short
Phoenix ONDOlong	+0.0221%	1h	0.4316	long leg	$35K	$208K	10x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4300	−0.361%	$213K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	−0.199%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4311	−0.115%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3780%	1h	0.4305	−0.248%	$246K	$159K	5x	as long as short