Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.013%

Price spread now: Phoenix against Bitget−0.385%7-day average +0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$470.465% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.719%+$72 · spread now −0.385%, 7d avg +0.086%

Together, before fees+0.699%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.471% cheaper against Bitget than usual: you would sell low and buy high (spread −0.385% now, against its 7-day average of +0.086%). If the spread goes back, that is −$47 on $10k: about 6.9 days of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4415	0.0100	pay 0.0050% / 4h	3h 53m	$25.3M	$40.0M	50x
Short	Phoenix ONDO	0.4398	0.0327	get 0.0041% / 1h	53m 01s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.385%Rate

Funding earned: $47.65
Price spread: −0.385% → +0.086%: −$47.1
Slippage, 4 orders: −$27.52
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$45.97
Costs to cover: 0.465%
Break-even: 13.8 days

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 59 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 Bitget live order book, 1 min ago	2.27 bp	11.7 bp −$12	19.0 bp −$190	115.5 bp −$11.6K	doesn't fit
Sell Phoenix live order book, 59 min ago	0.91 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	−0.0159%	1h	0.4411	−0.080%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	−0.426%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4411	−0.094%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.465%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4416	+0.032%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4412	−0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.125%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4416	+0.023%	$63.9M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4412	−0.068%	$68.5M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	0.000%	$17.3M	$73.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−0.535%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4404	−0.254%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4412	−0.068%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4414	−0.023%	$44.5M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	−0.068%	$12.8M	$10.6M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4415	long leg	$25.3M	$40.0M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4413	−0.045%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4415	0.000%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4390	−0.572%	$716K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	−0.361%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−0.535%	$414K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	−0.385%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4410	−0.113%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4415	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	0.000%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4421	+0.136%	$131K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4411	−0.091%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4402	−0.294%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4414	−0.027%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4416	+0.016%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4404	−0.242%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0230%	4h	0.4414	−0.014%	$764K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4406	−0.204%	$272K	$732K	50x	as long as short
Phoenix ONDOshort	+0.0327%	1h	0.4398	−0.385%	$35K	$218K	10x
Hyperliquid ONDO	+0.0330%	1h	0.4417	+0.052%	$38.0M	$24.6M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4411	−0.091%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0608% / S −0.0219%	1h	0.4411	−0.095%	$524K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0657%	1h	0.4416	+0.023%	$18K	$367K	25x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4410	−0.108%	$2K	—	20x	as long as short