Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0426%/8h= +46.7% APRpaid last 24h −0.020%

Price spread now: Phemex against Kraken Futures+0.028%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now +0.028%, 7d avg −0.050%

Together, before fees−0.584%−$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phemex is 0.078% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.050%. Mind the row above: over the last 7 days funding on this pair cost −0.467%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4309	−0.0326	get 0.0041% / 1h	46m 24s	$2.5M	$7.1M	50x
Short	Phemex ONDOUSDT	0.4310	0.0100	get 0.0050% / 4h	1h 46m	$4.2M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.028%Rate

Funding earned: $89.48
Price spread: +0.028% → −0.050%: $7.81
Slippage, 4 orders: −$32.1
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $43.19
Costs to cover: 0.541%
Break-even: 3.6 days

Slippage from Kraken Futures: live order book, 6 min ago; Phemex: live order book, 6 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 Kraken Futures live order book, 6 min ago	2.32 bp	9.6 bp −$10	17.5 bp −$175	107.0 bp −$10.7K	doesn't fit
Sell Phemex live order book, 6 min ago	4.64 bp	18.2 bp −$18	25.1 bp −$251	doesn't fit	doesn't fit

ONDO on 39 exchanges

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_ONDOUSDlong	−0.0326%	1h	0.4309	long leg	$2.5M	$7.1M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4309	+0.005%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4306	−0.067%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.016%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4314	+0.125%	$1.1M	$2.3M	10x	as long as short
Bybit ONDOUSDT	+0.0098%	4h	0.4307	−0.042%	$67.3M	$116.3M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4308	−0.018%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4310	+0.028%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4312	+0.074%	$768K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4310	+0.028%	$62.7M	$221.9M	75x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4308	−0.018%	$17.3M	$66.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−0.005%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4308	−0.014%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4308	−0.018%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4310	+0.028%	$46.0M	$40.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4309	+0.005%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4309	+0.005%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4308	−0.018%	—	$783K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4308	−0.021%	$178K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	−0.032%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	+0.058%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4310	+0.028%	$397K	$2.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.098%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4311	+0.047%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4308	−0.018%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4309	+0.005%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4315	+0.144%	$105K	$478K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4310	+0.028%	$4.2M	$8.6M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4307	−0.048%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4308	−0.017%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4310	+0.028%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0123%	1h	0.4313	+0.086%	$36.2M	$26.7M	10x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4311	+0.049%	$355	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0181% / S +0.0252%	1h	0.4309	−0.005%	$363K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4316	+0.158%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.098%	$213K	$607K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	−0.042%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4308	−0.010%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3780%	1h	0.4305	−0.091%	$246K	$159K	5x	as long as short