ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0547%/8h= +59.9% APRnext payment +$0.68 per $10,000 · paid last 24h +0.007%

Price spread now: Phoenix against Kraken Futures+0.171%71s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$470.466% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.336%−$34 on $10k

Price spread, last 4 days (all we have)−0.204%−$20 · spread now +0.171%, 7d avg +0.018%

Together, before fees−0.539%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phoenix is 0.153% dearer against Kraken Futures than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.018%. Mind the row above: over the last 7 days funding on this pair cost −0.336%, so the current rate has only just turned in your favour. The two prices were read 71 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 -0.336% in total (about -17.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.68 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ONDOUSD	0.4308	−0.0326	get 0.0041% / 1h	47m 47s	$2.5M	$7.1M	50x
Short	Phoenix ONDO	0.4316	0.0221	get 0.0028% / 1h	47m 47s	$35K	$208K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.171%Rate

Funding earned: $114.93
Price spread: +0.171% → +0.018%: $15.27
Slippage, 4 orders: −$29.57
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $83.64
Costs to cover: 0.466%
Break-even: 1.9 days

Slippage from Kraken Futures: live order book, 4 min ago; Phoenix: live order book, 59 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, 4 min ago	2.32 bp	9.6 bp −$10	17.5 bp −$175	107.0 bp −$10.7K	doesn't fit
Sell Phoenix live order book, 59 min ago	0.92 bp	12.7 bp −$13	43.5 bp −$435	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	0.4308	long leg	$2.5M	$7.1M	50x
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4308	−0.005%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4307	−0.035%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.030%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4313	+0.115%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4306	−0.052%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4308	−0.017%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4312	+0.080%	$768K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4309	+0.014%	$62.7M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4307	−0.029%	$67.3M	$116.4M	50x	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	0.4307	−0.029%	$17.3M	$66.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	+0.009%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4305	−0.065%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4308	−0.005%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4310	+0.041%	$45.9M	$40.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4309	+0.018%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4309	+0.018%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4308	−0.005%	—	$782K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4310	+0.039%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	−0.019%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	+0.071%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4322	+0.320%	$399K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.111%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4309	+0.013%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	−0.029%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4309	+0.018%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4313	+0.111%	$105K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4309	+0.018%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4305	−0.069%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4309	+0.014%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4308	−0.017%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4306	−0.047%	$354	$2K	10x	as long as short
Hyperliquid ONDO	+0.0150%	1h	0.4311	+0.062%	$36.2M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0182% / S +0.0252%	1h	0.4308	−0.005%	$363K	—	100x	as long as short
Phoenix ONDOshort	+0.0221%	1h	0.4316	+0.171%	$35K	$208K	10x
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4300	−0.191%	$213K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	−0.029%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4311	+0.056%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3780%	1h	0.4305	−0.078%	$246K	$159K	5x	as long as short