Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bybit−0.066%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$480.477% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.066%, 7d avg +0.043%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.109% cheaper against Bybit than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4569	0.0100	pay 0.0050% / 4h	1h 05m	$74.0M	$122.2M	50x
Short	Phemex ONDOUSDT	0.4566	0.0100	get 0.0050% / 4h	1h 05m	$4.7M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → +0.043%: −$10.91
Slippage, 4 orders: −$24.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$58.61
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from Bybit: live order book, 9 min ago; Phemex: live order book, 3 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 Bybit live order book, 9 min ago	1.10 bp	8.1 bp −$8	13.3 bp −$133	52.3 bp −$5,227	doesn't fit
Sell Phemex live order book, 3 min ago	3.28 bp	15.2 bp −$15	23.2 bp −$232	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	−0.0352%	1h	0.4567	−0.050%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4570	+0.024%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	+0.011%	$432K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4566	−0.066%	$717K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4568	−0.022%	$67.9M	$226.4M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4569	long leg	$74.0M	$122.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4569	0.000%	$17.8M	$81.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4571	+0.039%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	+0.041%	—	—	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	0.4568	−0.022%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4570	+0.022%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	−0.066%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4570	+0.022%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4570	+0.022%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4560	−0.200%	$786K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4561	−0.168%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.067%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4571	+0.044%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4576	+0.149%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	+0.088%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	0.000%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4597	+0.613%	$134K	$505K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4566	−0.066%	$4.7M	$6.5M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4569	−0.005%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4570	+0.019%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4571	+0.048%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	+0.149%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0145%	1h	0.4566	−0.061%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.022%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.022%	$31K	$431K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.569%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4561	−0.175%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0372%	1h	0.4566	−0.059%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4576	+0.160%	$377	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0187%	1h	0.4570	+0.031%	$545K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4576	+0.160%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4574	+0.101%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5736%	1h	0.4563	−0.122%	$258K	$129K	5x	as long as short