Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0001%/8h= −0.2% APRpaid last 24h 0.000%

Price spread now: Phemex against Paradex−0.059%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.059% cheaper against Paradex than usual: you would sell low and buy high, −$6 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ONDO-USD-PERP	0.4529	0.0101	pay 0.0101% / 8h	7h 02m	$6K	—	10x
Short	Phemex ONDOUSDT	0.4526	0.0100	get 0.0050% / 4h	3h 02m	$4.4M	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$0.29
Price spread: −0.059% → 0.000%: −$5.9
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.19
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 2 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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	13.17 bp	36.4 bp −$36	46.9 bp −$469	doesn't fit	doesn't fit

Paradex: 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	−0.0883%	1h	0.4524	−0.110%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4534	+0.123%	$257K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4526	−0.059%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4528	−0.016%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.868%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4526	−0.059%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4528	−0.015%	$425K	$718K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4529	+0.015%	$713K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4524	−0.103%	$67.8M	$222.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4521	−0.169%	$72.5M	$119.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4521	−0.169%	$17.3M	$76.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	+0.334%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4525	−0.075%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4521	−0.169%	$11.8M	$16.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4522	−0.147%	$48.0M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4524	−0.103%	$14.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4521	−0.169%	$25.6M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4521	−0.169%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4520	−0.189%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	+1.037%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4596	+1.489%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4579	+1.111%	$423K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	+1.023%	$171K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4529	+0.016%	$77K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4523	−0.125%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4522	−0.147%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4532	+0.073%	$133K	$492K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4526	−0.059%	$4.4M	$7.1M	50x
Paradex ONDO-USD-PERPlong	+0.0101%	8h	0.4529	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4524	−0.099%	$410K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4527	−0.026%	$39K	$13K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4586	+1.257%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4529	+0.001%	$373	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4530	+0.029%	$296K	$805K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4540	+0.250%	$3.3M	$2.9M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4525	−0.072%	$40.2M	$24.9M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4529	+0.012%	$540K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4532	+0.085%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4528	−0.009%	$2K	—	20x	as long as short