Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h +0.022%

Price spread now: Phoenix against Phemex+0.035%73s7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as 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−$730.728% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now +0.035%, 7d avg +0.068%

Together, before fees+0.372%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.033% cheaper against Phemex than usual: you would sell low and buy high (spread +0.035% now, against its 7-day average of +0.068%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.126% in total) that is about 45 hours. The two prices were read 73 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	0.4311	0.0100	pay 0.0050% / 4h	3h 27m	$4.2M	$9.1M	50x
Short	Phoenix ONDO	0.4313	0.0277	get 0.0035% / 1h	27m 56s	$35K	$218K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.035%Rate

Funding earned: $37.24
Price spread: +0.035% → +0.068%: −$3.33
Slippage, 4 orders: −$53.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.85
Costs to cover: 0.728%
Break-even: 14.3 days

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 64 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	11.56 bp	23.4 bp −$23	28.9 bp −$289	doesn't fit	doesn't fit
Sell Phoenix live order book, 64 min ago	0.93 bp	12.6 bp −$13	43.8 bp −$438	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	−0.0177%	1h	0.4313	+0.045%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4301	−0.233%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.961%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4314	+0.060%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4300	−0.255%	$341K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	+0.073%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	+0.046%	$62.9M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4311	0.000%	$67.5M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4311	0.000%	$17.2M	$71.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	+0.153%	$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	0.4297	−0.329%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4311	0.000%	$13.2M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4312	+0.023%	$43.9M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	+0.046%	$12.1M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	+0.023%	$25.0M	$36.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4313	+0.046%	—	$781K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	+0.090%	$178K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.028%	$678K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	+0.047%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4310	−0.022%	$404K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.046%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.232%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4305	−0.139%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	−0.093%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4308	−0.070%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4320	+0.209%	$128K	$369K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4311	long leg	$4.2M	$9.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4300	−0.267%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	+0.030%	$357K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4309	−0.046%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4307	−0.093%	$28K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	+0.673%	$214K	$719K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4299	−0.269%	$354	$2K	10x	as long as short
Phoenix ONDOshort	+0.0277%	1h	0.4313	+0.035%	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4312	+0.023%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0521%	1h	0.4317	+0.148%	$36.2M	$27.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0208%	1h	0.4301	−0.236%	$498K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4302	−0.203%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3651%	1h	0.4298	−0.309%	$245K	$159K	5x	as long as short