Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0143%/8h= +15.7% APRpaid last 24h +0.004%

Price spread now: Phoenix against Paradex+0.092%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.092% dearer against Paradex than usual: you sell high and buy low: +$9 more if the spread 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	0.4598	0.0101	pay 0.0101% / 8h	7h 27m	$7K	—	10x
Short	Phoenix ONDO	0.4603	0.0244	get 0.0031% / 1h	27m 04s	$38K	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.092%Rate

Funding earned: $30.08
Price spread: +0.092% → 0.000%: $9.17
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $28.25
Costs to cover: 0.110%
Break-even: 0.4 days

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 41 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 Phoenix live order book, 41 min ago	1.09 bp	12.6 bp −$13	43.7 bp −$437	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	−0.0870%	1h	0.4593	−0.115%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4601	+0.050%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4592	−0.136%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.661%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4592	−0.139%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4595	−0.063%	$431K	$708K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4596	−0.052%	$726K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4596	−0.044%	$68.9M	$223.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4597	−0.030%	$74.3M	$119.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4597	−0.030%	$17.6M	$78.8M	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	0.4613	+0.322%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4597	−0.023%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4595	−0.074%	$12.0M	$16.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4597	−0.030%	$50.1M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4597	−0.030%	$14.3M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4597	−0.030%	$26.1M	$39.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4597	−0.030%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4598	−0.017%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4597	−0.035%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4600	+0.044%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	+0.153%	$426K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4601	+0.057%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4601	+0.053%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4593	−0.117%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4594	−0.095%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4605	+0.144%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4597	−0.030%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0101%	8h	0.4598	long leg	$7K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4594	−0.095%	$417K	$826K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4596	−0.047%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4595	−0.074%	$34K	$353K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4603	+0.092%	$38K	$248K	10x
01 Exchange ONDOUSD	+0.0264%	1h	0.4603	+0.107%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4631	+0.709%	$300K	$827K	50x	as long as short
Hyperliquid ONDO	+0.0309%	1h	0.4600	+0.040%	$40.9M	$25.6M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4596	−0.052%	$3.3M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4592	−0.137%	$549K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4605	+0.135%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4591	−0.160%	$2K	—	20x	as long as short