Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0343%/8h= −37.6% APRpaid last 24h −0.018%

Price spread now: Phemex against Deribit0.000%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$570.566% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now 0.000%, 7d avg −0.009%

Together, before fees−0.234%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.194% in total (about -10.2% 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	Deribit ONDO_USDC-PERPETUAL	0.4332	0.0443	pay 0.0055% / 1h	47m 18s	$18K	$362K	25x
Short	Phemex ONDOUSDT	0.4332	0.0100	get 0.0050% / 4h	1h 47m	$4.2M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$72.03
Price spread: 0.000% → −0.009%: $0.89
Slippage, 4 orders: −$37.58
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$127.72
Costs to cover: 0.566%
Break-even: never at this rate

Slippage from Deribit: live order book, 61 min ago; Phemex: live order book, 2 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 Deribit live order book, 61 min ago	5.76 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	6.91 bp	19.7 bp −$20	28.0 bp −$280	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	−0.0146%	1h	0.4329	−0.060%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4333	+0.031%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4329	−0.072%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.448%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4334	+0.051%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	+0.173%	$346K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4334	+0.051%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4331	−0.023%	$62.9M	$238.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4327	−0.115%	$67.5M	$126.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4330	−0.046%	$17.2M	$73.6M	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	0.4348	+0.362%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4331	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4330	−0.046%	$12.4M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	−0.023%	$43.1M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4331	−0.023%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4331	−0.023%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4330	−0.046%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4337	+0.108%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4337	+0.110%	$642K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4342	+0.234%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4343	+0.254%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4342	+0.231%	$133K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4333	+0.016%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4329	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4330	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4331	−0.023%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.185%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4332	0.000%	$4.2M	$8.5M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	−0.015%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	−0.056%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4333	+0.012%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0200%	1h	0.4333	+0.030%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4339	+0.162%	$214K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4349	+0.399%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4334	+0.046%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0400%	1h	0.4334	+0.046%	$36.6M	$27.2M	10x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0443%	1h	0.4332	long leg	$18K	$362K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4329	−0.077%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4330	−0.040%	$2K	—	20x	as long as short