Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0213%/8h= +23.3% APRnext payment +$0.27 per $10,000 · paid last 24h —

Price spread now: Phoenix against RISEx+0.121%50s7-day average — · you sell dearer than you buy

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

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.121% dearer against RISEx than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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	RISEx ONDO/USDC	0.4315	0.0100	pay 0.0013% / 1h	56m 30s	—	—	5x
Short	Phoenix ONDO	0.4320	0.0313	get 0.0039% / 1h	56m 30s	$35K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now +0.121%Rate

Funding earned: $44.69
Price spread: +0.121% → 0.000%: $12.1
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $43.8
Costs to cover: 0.130%
Break-even: 0.1 days

Slippage unknown: RISEx: no order-book sample; Phoenix: live order book, 41 min ago. 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 RISEx no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 41 min ago	0.93 bp	12.6 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

RISEx: 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	0.4320	+0.114%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4319	+0.094%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.869%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.207%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4317	+0.052%	$346K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.075%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4317	+0.042%	$62.4M	$233.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4315	+0.005%	$67.7M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4316	+0.028%	$17.3M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4312	−0.064%	$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/USDClong	+0.0100%	1h	0.4315	long leg	—	—	5x
Gate ONDO_USDT	+0.0100%	4h	0.4316	+0.028%	$12.7M	$15.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4316	+0.028%	$43.5M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4317	+0.052%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	−0.064%	$24.6M	$36.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4317	+0.052%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.135%	$177K	$994K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4318	+0.069%	$728K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4319	+0.089%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	+0.184%	$407K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4322	+0.167%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	+0.019%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	+0.098%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4319	+0.098%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.167%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.306%	$129K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4322	+0.167%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4316	+0.027%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4315	0.000%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4323	+0.188%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	+0.167%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4316	+0.024%	$355	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4320	+0.121%	$214K	$729K	50x	as long as short
Hyperliquid ONDO	+0.0294%	1h	0.4319	+0.093%	$36.3M	$27.2M	10x	as long as short
Phoenix ONDOshort	+0.0313%	1h	0.4320	+0.121%	$35K	$221K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4322	+0.167%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4319	+0.094%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4312	−0.054%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1695%	1h	0.4319	+0.101%	$242K	$156K	5x	as long as short