ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0305%/8h= +33.4% APRnext payment +$0.38 per $10,000 · paid last 24h +0.581%

Price spread now: Phoenix against Injective−2.025%7-day average +0.998% · you buy dearer than you sell

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

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+3.323%+$332 on $10k

Price spread, last 3 days (all we have)+2.773%+$277 · spread now −2.025%, 7d avg +0.998%

Together, before fees+6.096%+$610 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 3.023% cheaper against Injective than usual: you would sell low and buy high (spread −2.025% now, against its 7-day average of +0.998%). If the spread goes back, that is −$302 on $10k: about 33 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+3.323% in total) that is about 6.4 days.

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	46m 49s	$888	$216K	5.5x
Short	Phoenix ONDO	0.4476	0.0338	get 0.0042% / 1h	46m 49s	$36K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −2.025%Rate

Funding earned: $64.01
Price spread: −2.025% → +0.998%: −$302.29
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$245.3
Costs to cover: 0.070%
Break-even: 33.8 days

Slippage unknown: Injective: no order-book sample; Phoenix: live order book, 16 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 Phoenix live order book, 16 min ago	1.10 bp	12.7 bp −$13	43.6 bp −$436	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 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	−0.0359%	1h	0.4452	−2.536%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4454	−2.492%	$252K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4454	−2.498%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4453	−2.518%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4459	−2.392%	$406K	$780K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4454	−2.490%	$685K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4454	−2.501%	$65.6M	$227.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4450	−2.583%	$71.7M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4452	−2.539%	$17.2M	$76.4M	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	0.4464	−2.272%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4458	−2.401%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4451	−2.561%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4453	−2.518%	$45.0M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4451	−2.561%	$13.5M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4453	−2.518%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4452	−2.539%	—	$755K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4453	−2.520%	$202K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4468	−2.193%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4470	−2.136%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4470	−2.144%	$421K	$952K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4470	−2.145%	$165K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4457	−2.426%	$77K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4455	−2.474%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4454	−2.496%	$463	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4468	−2.189%	$131K	$500K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4461	−2.345%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4450	−2.575%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4454	−2.492%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0199%	1h	0.4455	−2.474%	$33K	$339K	25x	as long as short
Hyperliquid ONDO	+0.0254%	1h	0.4456	−2.458%	$39.4M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4461	−2.338%	$367	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4469	−2.167%	$290K	$800K	50x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4476	−2.025%	$36K	$231K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4471	−2.123%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0186%	1h	0.4453	−2.523%	$532K	—	100x	as long as short
Phemex ONDOUSDT	+0.0588%	4h	0.4458	−2.408%	$4.3M	$7.3M	50x	as long as short
Lighter ONDO	+0.0608%	1h	0.4460	−2.364%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4456	−2.457%	$2K	—	20x	as long as short