Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex−0.069%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)+0.195%+$20 · spread now −0.069%, 7d avg −0.040%

Together, before fees+0.340%+$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: Bybit is 0.029% cheaper against Phemex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4321	0.0100	pay 0.0050% / 4h	3h 32m	$4.2M	$9.0M	50x
Short	Bybit ONDOUSDT	0.4318	0.0100	get 0.0050% / 4h	3h 32m	$67.9M	$121.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → −0.040%: −$2.93
Slippage, 4 orders: −$29.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.67
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: live order book, 1 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, 6 min ago	4.61 bp	17.1 bp −$17	27.4 bp −$274	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.16 bp	8.6 bp −$9	12.9 bp −$129	47.4 bp −$4,743	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	−0.0177%	1h	0.4322	+0.015%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4321	−0.002%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.716%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4326	+0.111%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4317	−0.093%	$342K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.035%	$758K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	0.000%	$63.1M	$233.3M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4318	−0.069%	$67.9M	$121.7M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4320	−0.023%	$17.3M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4336	+0.352%	$71K	$79K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4317	−0.086%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	−0.023%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	−0.023%	$44.1M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.023%	$12.2M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4321	0.000%	$24.9M	$36.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4321	0.000%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.009%	$178K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4332	+0.250%	$681K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4333	+0.282%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	+0.270%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4340	+0.440%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4318	−0.069%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4319	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4331	+0.231%	$128K	$369K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4321	long leg	$4.2M	$9.0M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4322	+0.015%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4320	−0.032%	$359K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	+0.023%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4321	0.000%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	+0.440%	$214K	$720K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4320	−0.028%	$356	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4340	+0.442%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.023%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0208%	1h	0.4316	−0.116%	$499K	—	100x	as long as short
Hyperliquid ONDO	+0.0584%	1h	0.4326	+0.118%	$36.4M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4332	+0.249%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3087%	1h	0.4326	+0.111%	$243K	$155K	5x	as long as short