Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.575%

Price spread now: Phemex against Injective−3.743%65s7-day average +0.935% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+3.224%+$322 on $10k

Price spread, last 3 days (all we have)+4.531%+$453 · spread now −3.743%, 7d avg +0.935%

Together, before fees+7.755%+$776 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 4.678% cheaper against Injective than usual: you would sell low and buy high (spread −3.743% now, against its 7-day average of +0.935%). If the spread goes back, that is −$468 on $10k: about 4 months of funding at the current rate (+$4 a day). At the pace of the last 7 days (+3.224% in total) that is about 10 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	53m 59s	$888	$216K	5.5x
Short	Phemex ONDOUSDT	0.4397	0.0177	get 0.0089% / 4h	1h 53m	$4.2M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now −3.743%Rate

Funding earned: $30.27
Price spread: −3.743% → +0.935%: −$467.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$449.55
Costs to cover: 0.120%
Break-even: 111.0 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	5.68 bp	13.1 bp −$13	20.8 bp −$208	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 38 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
ApeX Omni ONDOUSDT	−0.0069%	1h	0.4382	−4.072%	$135K	$353K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4399	−3.694%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4397	−3.745%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4399	−3.696%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4400	−3.678%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4399	−3.705%	$376K	$832K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4401	−3.656%	$670K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4399	−3.690%	$63.9M	$225.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4399	−3.700%	$69.7M	$121.9M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4398	−3.722%	$17.0M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−3.870%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4398	−3.718%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4396	−3.765%	$11.6M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4397	−3.743%	$46.6M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4399	−3.700%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4398	−3.722%	$25.0M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4397	−3.743%	—	$22.0M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4418	−3.289%	$712K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	−3.945%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	−3.902%	$405K	$978K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4401	−3.660%	$78K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4398	−3.722%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	−3.634%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4415	−3.349%	$130K	$481K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4398	−3.714%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	−3.728%	$398K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4404	−3.596%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0139%	1h	0.4400	−3.678%	$38.5M	$24.0M	10x	as long as short
Phemex ONDOUSDTshort	+0.0177%	4h	0.4397	−3.743%	$4.2M	$7.5M	50x
Backpack ONDO_USDC_PERP	+0.0199%	1h	0.4398	−3.713%	$191K	$982K	15x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4396	−3.763%	$35K	$225K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	−3.196%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4402	−3.630%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	−3.634%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4396	−3.765%	$485K	—	100x	as long as short
Lighter ONDO	+0.0592%	1h	0.4408	−3.509%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4398	−3.723%	$2K	—	20x	as long as short