Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h +0.005%

Price spread now: Phoenix against Bybit+0.890%95s7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as 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−$430.432% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.890%, 7d avg +0.121%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.770% dearer against Bybit than usual: you sell high and buy low: +$77 more if the spread goes back to its 7-day average of +0.121%. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.024% in total (about -1.2% 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	Bybit ONDOUSDT	0.4436	0.0100	pay 0.0050% / 4h	2h 45m	$71.5M	$122.6M	50x
Short	Phoenix ONDO	0.4476	0.0338	get 0.0042% / 1h	45m 51s	$36K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.890%Rate

Funding earned: $50.01
Price spread: +0.890% → +0.121%: $76.97
Slippage, 4 orders: −$25.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $83.78
Costs to cover: 0.432%
Break-even: from the start

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 17 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, 3 min ago	1.12 bp	8.4 bp −$8	15.5 bp −$155	64.2 bp −$6,425	doesn't fit
Sell Phoenix live order book, 17 min ago	1.10 bp	12.7 bp −$13	43.6 bp −$436	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	−0.0359%	1h	0.4447	+0.247%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4452	+0.357%	$252K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4443	+0.155%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.976%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4445	+0.203%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4443	+0.158%	$405K	$780K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4445	+0.199%	$684K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4437	+0.023%	$65.4M	$228.1M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4436	long leg	$71.5M	$122.6M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4438	+0.045%	$17.1M	$76.1M	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	0.4464	+0.636%	$73K	$90K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4443	+0.165%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4438	+0.045%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4437	+0.023%	$45.0M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4443	+0.158%	$13.4M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4436	0.000%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4437	+0.023%	—	$755K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4446	+0.221%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4470	+0.776%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4470	+0.768%	$421K	$952K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4470	+0.766%	$165K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4446	+0.225%	$76K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4447	+0.248%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4448	+0.271%	$462	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4454	+0.406%	$131K	$500K	50x	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4447	+0.257%	$202K	$1.0M	15x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4450	+0.318%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4442	+0.132%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4449	+0.293%	$39K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0254%	1h	0.4442	+0.128%	$39.2M	$25.5M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4447	+0.259%	$366	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4469	+0.744%	$290K	$800K	50x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4476	+0.890%	$36K	$231K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+0.789%	$3.2M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0425%	1h	0.4447	+0.248%	$32K	$339K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0579% / S −0.0186%	1h	0.4444	+0.180%	$530K	—	100x	as long as short
Phemex ONDOUSDT	+0.0651%	4h	0.4451	+0.338%	$4.2M	$7.3M	50x	as long as short
Lighter ONDO	+0.0656%	1h	0.4445	+0.192%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4445	+0.209%	$2K	—	20x	as long as short