Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against HTX−0.205%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1091.088% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.205%, 7d avg −0.138%

Together, before fees−0.047%−$5 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 0.066% cheaper against HTX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4399	0.0100	pay 0.0050% / 4h	1h 06m	$129K	$473K	50x
Short	Phemex ONDOUSDT	0.4390	0.0100	get 0.0050% / 4h	1h 06m	$4.2M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.205%Rate

Funding earned: $0
Price spread: −0.205% → −0.138%: −$6.63
Slippage, 4 orders: −$84.8
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$115.43
Costs to cover: 1.088%
Break-even: never at this rate

Slippage from HTX: live order book, 57 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 HTX live order book, 57 min ago	14.71 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	7.95 bp	20.7 bp −$21	26.5 bp −$265	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
dYdX ONDO-USD	+0.0001%	1h	0.4389	−0.224%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4386	−0.286%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.842%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4387	−0.264%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4387	−0.273%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4387	−0.273%	$370K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4387	−0.266%	$63.7M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4387	−0.273%	$69.6M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4389	−0.227%	$17.0M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4383	−0.357%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4386	−0.302%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4387	−0.273%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4389	−0.227%	$47.5M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4387	−0.273%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4388	−0.250%	$25.1M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4389	−0.227%	—	$21.7M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4410	+0.242%	$714K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4403	+0.100%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.068%	$407K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4400	+0.023%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4389	−0.236%	$63K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4389	−0.227%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4390	−0.205%	$456	$13K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4399	long leg	$129K	$473K	50x
Phemex ONDOUSDTshort	+0.0100%	4h	0.4390	−0.205%	$4.2M	$7.7M	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4388	−0.245%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4387	−0.270%	$396K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4390	−0.195%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0132%	1h	0.4391	−0.191%	$38.1M	$24.2M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0177%	1h	0.4389	−0.230%	$190K	$979K	15x	as long as short
Aster ONDOUSDT	+0.0190%	4h	0.4390	−0.206%	$733K	$2.3M	20x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4404	+0.116%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4389	−0.227%	$3.1M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4389	−0.236%	$361	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.523%	$281K	$719K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4389	−0.227%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4386	−0.290%	$484K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4397	−0.048%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4388	−0.246%	$2K	—	20x	as long as short