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: KuCoin against Phemex−0.161%50s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as 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−$660.660% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.161%, 7d avg +0.011%

Together, before fees+0.406%+$41 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: KuCoin is 0.172% cheaper against Phemex than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.011%. The two prices were read 50 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	0.4346	0.0100	pay 0.0050% / 4h	1h 25m	$4.2M	$8.6M	50x
Short	KuCoin ONDOUSDTM	0.4339	0.0100	get 0.0050% / 4h	1h 25m	$12.0M	$10.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.161%Rate

Funding earned: $0
Price spread: −0.161% → +0.011%: −$17.22
Slippage, 4 orders: −$41.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$83.21
Costs to cover: 0.660%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; KuCoin: live order book, 3 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	4.63 bp	14.6 bp −$15	21.8 bp −$218	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.32 bp	17.4 bp −$17	34.0 bp −$340	doesn't fit	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	0.4343	−0.058%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4340	−0.143%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0004%	1h	0.4335	−0.256%	$243K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.108%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4340	−0.140%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4342	−0.092%	$348K	$893K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4342	−0.092%	$781K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4341	−0.115%	$62.7M	$235.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4337	−0.207%	$67.9M	$124.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4338	−0.184%	$17.3M	$72.6M	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	0.4334	−0.267%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	−0.130%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4339	−0.161%	$12.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4341	−0.115%	$43.6M	$42.8M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4339	−0.161%	$12.0M	$10.5M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4335	−0.253%	$24.8M	$38.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4340	−0.138%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4349	+0.064%	$172K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4342	−0.098%	$667K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	−0.442%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4328	−0.413%	$406K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4328	−0.414%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4343	−0.078%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4335	−0.253%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4338	−0.184%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4337	−0.207%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4345	−0.023%	$129K	$401K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4346	long leg	$4.2M	$8.6M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4337	−0.212%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4337	−0.197%	$393K	$786K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	−0.173%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0134%	1h	0.4345	−0.028%	$36.5M	$27.3M	10x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4340	−0.136%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	−0.092%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4318	−0.637%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4326	−0.460%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0441%	1h	0.4345	−0.023%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4327	−0.447%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4343	−0.075%	$2K	—	20x	as long as short