Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.005%

Price spread now: Phoenix against Aster−0.045%55s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$430.428% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 3 days (all we have)+0.189%+$19 · spread now −0.045%, 7d avg +0.021%

Together, before fees+0.087%+ Points / potential airdropAster: Stage 5 · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.066% cheaper against Aster than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.021%). If the spread goes back, that is −$7 on $10k: about 5.2 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.102%, so the current rate has only just turned in your favour. The two prices were read 55 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	Aster ONDOUSDT	0.4557	0.0100	pay 0.0050% / 4h	1h 28m	$730K	$2.1M	20x
Short	Phoenix ONDO	0.4555	0.0142	get 0.0018% / 1h	28m 30s	$29K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.045%Rate

Funding earned: $8.82
Price spread: −0.045% → +0.021%: −$6.57
Slippage, 4 orders: −$27.77
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.52
Costs to cover: 0.428%
Break-even: 39.2 days

Slippage from Aster: live order book, 5 min ago; Phoenix: live order book, 49 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 Aster live order book, 5 min ago	1.10 bp	8.0 bp −$8	43.7 bp −$437	doesn't fit	doesn't fit
Sell Phoenix live order book, 49 min ago	1.10 bp	12.6 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

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	−0.0353%	1h	0.4557	−0.001%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4556	−0.008%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4555	−0.034%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4557	+0.010%	$430K	$699K	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4557	long leg	$730K	$2.1M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4559	+0.058%	$67.3M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4559	+0.054%	$74.2M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4556	−0.012%	$17.7M	$81.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4538	−0.414%	$74K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4555	−0.030%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4552	−0.100%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4554	−0.056%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4554	−0.056%	$13.7M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4554	−0.056%	$25.8M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4554	−0.056%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4559	+0.045%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.387%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4555	−0.026%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4540	−0.363%	$426K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4553	−0.078%	$161K	$334K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4558	+0.023%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4555	−0.034%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4558	+0.032%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4564	+0.163%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4555	−0.034%	$4.7M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4553	−0.086%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4554	−0.053%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4560	+0.076%	$44K	$8K	3x	as long as short
Phoenix ONDOshort	+0.0142%	1h	0.4555	−0.045%	$29K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.251%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4558	+0.032%	$26K	$396K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	+0.163%	$300K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4556	−0.012%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4566	+0.201%	$376	$2K	10x	as long as short
Hyperliquid ONDO	+0.0426%	1h	0.4558	+0.040%	$40.8M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0187%	1h	0.4555	−0.026%	$543K	—	100x	as long as short
Lighter ONDO	+0.0648%	1h	0.4564	+0.170%	$1.4M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4557	+0.018%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2869%	1h	0.4552	−0.091%	$258K	$129K	5x	as long as short