Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Gate against Phemex+0.067%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$650.652% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.067%, 7d avg −0.040%

Together, before fees+0.134%+$13 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: Gate is 0.106% dearer against Phemex than usual: you sell high and buy low, +$11 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	0.4498	0.0100	pay 0.0050% / 4h	2h 04m	$4.7M	$6.3M	50x
Short	Gate ONDO_USDT	0.4501	0.0100	get 0.0050% / 4h	2h 04m	$11.7M	$18.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → −0.040%: $10.62
Slippage, 4 orders: −$38.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$54.57
Costs to cover: 0.652%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Gate: live order book, 4 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, 4 min ago	1.11 bp	16.7 bp −$17	25.9 bp −$259	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.21 bp	22.1 bp −$22	43.0 bp −$430	51.6 bp −$5,162	80.3 bp −$40.1K

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	−0.1131%	1h	0.4495	−0.059%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4497	−0.022%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4502	+0.096%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	+0.056%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.534%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4497	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4502	+0.083%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4505	+0.156%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4503	+0.113%	$66.3M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4502	+0.089%	$72.9M	$118.1M	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	0.4501	+0.067%	$17.6M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4520	+0.487%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4504	+0.135%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4501	+0.067%	$11.7M	$18.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4503	+0.111%	$47.2M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4502	+0.089%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4503	+0.111%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4503	+0.111%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4497	−0.022%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.038%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.399%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4514	+0.362%	$426K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	+0.178%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4505	+0.147%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4497	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4498	0.000%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4507	+0.200%	$129K	$519K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4498	long leg	$4.7M	$6.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4503	+0.104%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4503	+0.117%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4498	0.000%	$35K	—	3x	as long as short
Hyperliquid ONDO	+0.0285%	1h	0.4508	+0.225%	$40.2M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4501	+0.067%	$297K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4496	−0.044%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4507	+0.200%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4511	+0.296%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4502	+0.094%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4503	+0.117%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9291%	1h	0.4499	+0.022%	$255K	$129K	5x	as long as short