Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0872%/8h= −95.4% APRpaid last 24h 0.000%

Price spread now: SoDEX against Phemex+0.023%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. SoDEX is 0.023% dearer against Phemex than usual: you sell high and buy low (spread +0.023% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4399	0.0972	pay 0.0486% / 4h	2h 38m	$4.2M	$7.3M	50x
Short	SoDEX ONDO-USD	0.4400	0.0100	get 0.0013% / 1h	38m 38s	$457	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$183.03
Price spread: +0.023% → 0.000%: $2.27
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$200.76
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; SoDEX: 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, 5 min ago	13.51 bp	30.5 bp −$30	51.9 bp −$519	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 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	−0.0363%	1h	0.4400	+0.026%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4399	−0.009%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4409	+0.228%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.842%	$888	$216K	5.5x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	+0.261%	$392K	$848K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4401	+0.046%	$685K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4400	+0.023%	$64.1M	$231.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4399	0.000%	$70.0M	$125.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4400	+0.023%	$17.1M	$75.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−0.084%	$72K	$88K	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	0.4392	−0.163%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4398	−0.023%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4399	0.000%	$43.2M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4402	+0.068%	$13.1M	$11.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4395	−0.091%	$24.9M	$40.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4396	−0.068%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4403	+0.089%	$198K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	+0.041%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.865%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	+0.068%	$406K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.796%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4408	+0.209%	$93K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4408	+0.205%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	+0.205%	—	$1.4M	20x	as long as short
SoDEX ONDO-USDshort	+0.0100%	1h	0.4400	+0.023%	$457	$14K	10x
HTX ONDO-USDT	+0.0100%	4h	0.4418	+0.432%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4395	−0.084%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	−0.023%	$398K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.250%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4410	+0.250%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0246%	1h	0.4405	+0.125%	$38.9M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4393	−0.141%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4401	+0.045%	$282K	$788K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.600%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.637%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4408	+0.212%	$485K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4409	+0.223%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDTlong	+0.0972%	4h	0.4399	long leg	$4.2M	$7.3M	50x
Reya ONDORUSDPERP	+0.1147%	1h	0.4412	+0.302%	$2K	—	20x	as long as short