Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h 0.000%

Price spread now: Ondo Perps against Phemex+0.195%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

The price spread pays, funding is against you. Ondo Perps is 0.195% dearer against Phemex than usual: you sell high and buy low (spread +0.195% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.199% in total (about 10.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4404	0.0384	pay 0.0192% / 4h	2h 15m	$4.2M	$7.4M	50x
Short	Ondo Perps ONDO-USD.P	0.4413	0.0100	get 0.0013% / 1h	15m 10s	$72K	$88K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.195%Rate

Funding earned: −$59.71
Price spread: +0.195% → 0.000%: $19.53
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$57.18
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	10.20 bp	19.7 bp −$20	27.2 bp −$272	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 38 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	−0.0363%	1h	0.4404	+0.007%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4398	−0.140%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4403	−0.023%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.724%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4404	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4404	0.000%	$385K	$861K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4406	+0.044%	$677K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4406	+0.037%	$63.8M	$231.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4405	+0.023%	$69.8M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4405	+0.023%	$17.0M	$75.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.Pshort	+0.0100%	1h	0.4413	+0.195%	$72K	$88K	10x
RISEx ONDO/USDC	+0.0100%	1h	0.4399	−0.104%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	−0.068%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4404	0.000%	$46.3M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4404	0.000%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4404	0.000%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4404	0.000%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4396	−0.189%	$760K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.080%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4412	+0.192%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.023%	$135K	$366K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4404	0.000%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4406	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4406	+0.045%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	+0.136%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4401	−0.059%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4405	+0.021%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4407	+0.067%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0147%	1h	0.4407	+0.068%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDO	+0.0263%	1h	0.4408	+0.084%	$38.8M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.409%	$284K	$734K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4404	+0.009%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4405	+0.014%	$362	$2K	10x	as long as short
Phemex ONDOUSDTlong	+0.0384%	4h	0.4404	long leg	$4.2M	$7.4M	50x
Deribit ONDO_USDC-PERPETUAL	+0.0431%	1h	0.4406	+0.045%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4403	−0.020%	$485K	—	100x	as long as short
Lighter ONDO	+0.0768%	1h	0.4412	+0.188%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4405	+0.021%	$2K	—	20x	as long as short