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 +0.016%

Price spread now: Phoenix against Gate+0.137%92s7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as 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−$570.572% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now +0.137%, 7d avg +0.118%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.118%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 92 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 -0.033% in total (about -1.7% 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	Gate ONDO_USDT	0.4392	0.0100	pay 0.0050% / 4h	3h 49m	$11.6M	$16.0M	50x
Short	Phoenix ONDO	0.4398	0.0327	get 0.0041% / 1h	49m 43s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.137%Rate

Funding earned: $47.65
Price spread: +0.137% → +0.118%: $1.89
Slippage, 4 orders: −$35.23
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.68
Costs to cover: 0.572%
Break-even: 8.1 days

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 62 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 Gate live order book, 4 min ago	2.27 bp	18.1 bp −$18	34.4 bp −$344	47.8 bp −$4,775	77.3 bp −$38.6K
Sell Phoenix live order book, 62 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	0.4393	+0.024%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4397	+0.123%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4393	+0.021%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.007%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4398	+0.132%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4393	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4395	+0.068%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	+0.030%	$63.5M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4391	−0.023%	$68.1M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	0.000%	$17.2M	$73.3M	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	0.4408	+0.367%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4396	+0.099%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4392	long leg	$11.6M	$16.0M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4394	+0.046%	$44.1M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	+0.046%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4394	+0.046%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	+0.046%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4395	+0.071%	$185K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4404	+0.267%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4407	+0.348%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4413	+0.478%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.387%	$136K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4395	+0.075%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4397	+0.114%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	+0.091%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4406	+0.319%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4396	+0.091%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4397	+0.116%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	+0.018%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4396	+0.102%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4397	+0.116%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4394	+0.046%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0220%	4h	0.4396	+0.095%	$782K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4408	+0.364%	$272K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0289%	1h	0.4397	+0.120%	$37.8M	$24.6M	10x	as long as short
Phoenix ONDOshort	+0.0327%	1h	0.4398	+0.137%	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4407	+0.342%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4393	+0.019%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4395	+0.063%	$2K	—	20x	as long as short