Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Phemex−0.161%46s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$570.568% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 4 days (all we have)+0.212%+$21 · spread now −0.161%, 7d avg −0.006%

Together, before fees+0.342%+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.156% cheaper against Phemex than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.006%. The two prices were read 46 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	Phemex ONDOUSDT	0.4339	0.0100	pay 0.0050% / 4h	1h 56m	$4.2M	$8.4M	50x
Short	Bitget ONDOUSDT	0.4332	0.0100	get 0.0050% / 4h	1h 56m	$24.9M	$39.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now −0.161%Rate

Funding earned: $0
Price spread: −0.161% → −0.006%: −$15.57
Slippage, 4 orders: −$32.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$72.32
Costs to cover: 0.568%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bitget: live order book, 2 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 Phemex live order book, 2 min ago	5.74 bp	18.6 bp −$19	28.5 bp −$285	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.30 bp	11.8 bp −$12	18.8 bp −$188	57.2 bp −$5,719	doesn't fit

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	−0.0146%	1h	0.4336	−0.077%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4331	−0.180%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4337	−0.041%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.278%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4336	−0.058%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	−0.121%	$346K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4335	−0.089%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4332	−0.164%	$62.9M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4331	−0.184%	$67.5M	$126.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.161%	$17.2M	$73.7M	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	0.4361	+0.498%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4332	−0.166%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4331	−0.184%	$12.3M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4330	−0.207%	$42.5M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4332	−0.161%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4332	−0.161%	$24.9M	$39.5M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4333	−0.138%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4337	−0.046%	$180K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4348	+0.200%	$645K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4344	+0.118%	$4K	$314K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4353	+0.314%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4350	+0.254%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	−0.164%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4337	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4343	+0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4337	−0.046%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4343	+0.092%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4339	long leg	$4.2M	$8.4M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4332	−0.159%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4333	−0.146%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4338	−0.035%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4337	−0.046%	$18K	$362K	25x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4333	−0.131%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4337	−0.046%	$216K	$725K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.157%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	+0.023%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0494%	1h	0.4335	−0.101%	$36.6M	$27.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4337	−0.056%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4331	−0.179%	$2K	—	20x	as long as short