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= +29.1% APRpaid last 24h +0.012%

Price spread now: Phoenix against Orderly+0.196%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.196% dearer against Orderly than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	Orderly PERP_ONDO_USDC	0.4383	0.0100	pay 0.0050% / 4h	20m 07s	$24K	$6K	10x
Short	Phoenix ONDO	0.4392	0.0365	get 0.0046% / 1h	20m 07s	$35K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.196%Rate

Funding earned: $55.73
Price spread: +0.196% → 0.000%: $19.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $62.35
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 32 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 32 min ago	0.91 bp	12.6 bp −$13	43.7 bp −$437	doesn't fit	doesn't fit

Orderly: 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4383	−0.009%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4382	−0.016%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.221%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4388	+0.110%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4383	long leg	$24K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4383	−0.006%	$362K	$855K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4388	+0.116%	$37.6M	$24.7M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4384	+0.027%	$63.3M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4383	0.000%	$67.7M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4387	+0.091%	$17.1M	$73.1M	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	+0.333%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4382	−0.016%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4382	−0.023%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4385	+0.046%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4384	+0.023%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4385	+0.046%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4384	+0.023%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4385	+0.034%	$189K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4384	+0.016%	$711K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4388	+0.117%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	+0.160%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4392	+0.205%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4383	+0.009%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4384	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4385	+0.046%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4391	+0.183%	$127K	$430K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4382	−0.023%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4382	−0.022%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4383	+0.008%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4386	+0.080%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4383	−0.007%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0223%	4h	0.4386	+0.075%	$758K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0303%	1h	0.4384	+0.027%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4404	+0.479%	$272K	$730K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4387	+0.091%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOshort	+0.0365%	1h	0.4392	+0.196%	$35K	$223K	10x
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4386	+0.068%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4382	−0.023%	$521K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4383	+0.010%	$2K	—	20x	as long as short