Funding arb · Price arb /

ONDO

all ONDO markets

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 Binance+0.108%105s7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$410.412% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.108%+$11 · spread now +0.108%, 7d avg +0.056%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.052% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.056%. The two prices were read 105 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	Binance ONDOUSDT	0.4604	0.0100	pay 0.0050% / 4h	1h 17m	$68.1M	$226.6M	75x
Short	Phoenix ONDO	0.4608	0.0142	get 0.0018% / 1h	17m 44s	$29K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.108%Rate

Funding earned: $8.82
Price spread: +0.108% → +0.056%: $5.22
Slippage, 4 orders: −$24.15
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.12
Costs to cover: 0.412%
Break-even: 28.5 days

Slippage from Binance: live order book, 11 min ago; Phoenix: live order book, 60 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 Binance live order book, 11 min ago	1.10 bp	7.3 bp −$7	12.5 bp −$125	50.0 bp −$5,003	doesn't fit
Sell Phoenix live order book, 60 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	−0.0350%	1h	0.4598	−0.125%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4599	−0.100%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4598	−0.120%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4603	−0.011%	$434K	$703K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4605	+0.022%	$739K	$2.1M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4604	long leg	$68.1M	$226.6M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4605	+0.032%	$75.8M	$121.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4605	+0.032%	$18.0M	$82.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4619	+0.345%	$75K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4600	−0.078%	—	—	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	0.4602	−0.033%	$12.0M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4605	+0.032%	$49.7M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4603	−0.011%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4604	+0.011%	$26.1M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4605	+0.032%	—	$741K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4604	+0.009%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	+0.034%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	+0.022%	$425K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.076%	$165K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4604	+0.008%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4599	−0.098%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4601	−0.055%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4612	+0.184%	$134K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4595	−0.185%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4602	−0.033%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4602	−0.042%	$411K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4601	−0.044%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0131%	1h	0.4597	−0.139%	$235K	$1.0M	15x	as long as short
Phoenix ONDOshort	+0.0142%	1h	0.4608	+0.108%	$29K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.771%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4601	−0.055%	$42K	$422K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4603	−0.011%	$302K	$876K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4612	+0.184%	$3.2M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4604	+0.002%	$379	$2K	10x	as long as short
Hyperliquid ONDO	+0.0429%	1h	0.4610	+0.145%	$41.4M	$26.5M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0187%	1h	0.4599	−0.099%	$548K	—	100x	as long as short
Lighter ONDO	+0.0696%	1h	0.4615	+0.243%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4600	−0.084%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4309%	1h	0.4600	−0.079%	$260K	$129K	5x	as long as short