Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.069%

Price spread now: Kraken Futures against Phemex−0.056%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$760.755% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.460%+$46 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.056%, 7d avg +0.059%

Together, before fees+0.567%+$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.115% cheaper against Phemex than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.059%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.460%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4388	0.0100	pay 0.0050% / 4h	12m 21s	$4.2M	$7.8M	50x
Short	Kraken Futures PF_ONDOUSD	0.4386	0.0033	get 0.0004% / 1h	12m 21s	$2.6M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$14.05
Price spread: −0.056% → +0.059%: −$11.48
Slippage, 4 orders: −$53.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$101.06
Costs to cover: 0.755%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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	5.70 bp	17.7 bp −$18	28.2 bp −$282	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	7.98 bp	16.6 bp −$17	24.1 bp −$241	429.4 bp −$42.9K	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4382	−0.140%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSDshort	+0.0033%	1h	0.4386	−0.056%	$2.6M	$7.8M	50x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.102%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4386	−0.043%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4383	−0.114%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4383	−0.120%	$362K	$849K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4385	−0.068%	$63.4M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4382	−0.137%	$67.8M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4385	−0.068%	$17.1M	$73.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4379	−0.205%	$72K	$84K	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	0.4381	−0.154%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4382	−0.137%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4382	−0.137%	$44.4M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4382	−0.137%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4384	−0.091%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4383	−0.114%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4387	−0.027%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4377	−0.257%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	−0.221%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	−0.226%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4378	−0.228%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4382	−0.137%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4389	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4388	0.000%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4394	+0.137%	$127K	$430K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4388	long leg	$4.2M	$7.8M	50x
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4382	−0.138%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0103%	1h	0.4388	+0.007%	$37.8M	$24.8M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4382	−0.130%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4386	−0.043%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4384	−0.091%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0217%	4h	0.4384	−0.091%	$758K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0251%	1h	0.4381	−0.155%	$248K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4389	+0.023%	$272K	$729K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4387	−0.023%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4382	−0.130%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4385	−0.068%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4382	−0.145%	$521K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4385	−0.075%	$2K	—	20x	as long as short