Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.010%

Price spread now: Phoenix against HTX−0.168%72s7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as 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−$1061.063% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now −0.168%, 7d avg −0.072%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.096% cheaper against HTX than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.072%). If the spread goes back, that is −$10 on $10k: about 29 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 7 days funding on this pair cost −0.095%, so the current rate has only just turned in your favour. The two prices were read 72 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 -0.095% in total (about -5.0% 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	HTX ONDO-USDT	0.4399	0.0100	pay 0.0050% / 4h	23m 39s	$127K	$430K	50x
Short	Phoenix ONDO	0.4392	0.0365	get 0.0046% / 1h	23m 39s	$35K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.168%Rate

Funding earned: $55.62
Price spread: −0.168% → −0.072%: −$9.63
Slippage, 4 orders: −$87.34
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$60.35
Costs to cover: 1.063%
Break-even: 14.6 days

Slippage from HTX: live order book, 35 min ago; Phoenix: live order book, 29 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, 35 min ago	12.55 bp	62.6 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 29 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4393	−0.139%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4392	−0.158%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.842%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4392	−0.161%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	−0.159%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4391	−0.170%	$363K	$855K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4391	−0.184%	$37.5M	$24.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4389	−0.230%	$63.4M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4385	−0.318%	$67.8M	$126.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4387	−0.273%	$17.1M	$73.2M	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	0.4398	−0.023%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4385	−0.324%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4387	−0.273%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4386	−0.296%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4389	−0.227%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4387	−0.273%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4387	−0.273%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4394	−0.114%	$188K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	−0.348%	$711K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	−0.248%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.138%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.227%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4394	−0.105%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4395	−0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4395	−0.091%	$457	$13K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4399	long leg	$127K	$430K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4393	−0.136%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4386	−0.293%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4385	−0.310%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	−0.085%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4394	−0.105%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0232%	4h	0.4390	−0.212%	$738K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4404	+0.114%	$272K	$730K	50x	as long as short
dYdX ONDO-USD	+0.0328%	1h	0.4388	−0.241%	$248K	$129K	5x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4392	−0.159%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOshort	+0.0365%	1h	0.4392	−0.168%	$35K	$223K	10x
Deribit ONDO_USDC-PERPETUAL	+0.0433%	1h	0.4394	−0.114%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4392	−0.152%	$522K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4394	−0.114%	$2K	—	20x	as long as short