Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Phemex−0.066%56s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as 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−$1661.658% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.066%, 7d avg −0.015%

Together, before fees+0.257%+$26 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: SunX is 0.051% cheaper against Phemex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.015%. The two prices were read 56 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	0.4543	0.0100	pay 0.0050% / 4h	3h 48m	$4.5M	$7.0M	50x
Short	SunX ONDO-USDT	0.4540	0.0100	get 0.0050% / 4h	3h 48m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → −0.015%: −$5.07
Slippage, 4 orders: −$145.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$170.82
Costs to cover: 1.658%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; SunX: live order book, 6 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	1.10 bp	17.2 bp −$17	25.6 bp −$256	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	47.27 bp	68.4 bp −$68	doesn't fit	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	−0.0880%	1h	0.4539	−0.089%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4545	+0.050%	$257K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4541	−0.044%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4541	−0.042%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.550%	$888	$216K	5.5x	as long as short
Gate ONDO_USDT	+0.0036%	4h	0.4539	−0.088%	$11.9M	$16.5M	50x	as long as short
ApeX Omni ONDOUSDT	+0.0048%	1h	0.4541	−0.044%	$173K	$326K	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4540	−0.066%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4542	−0.022%	$436K	$702K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4544	+0.018%	$40.1M	$26.0M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4543	0.000%	$719K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4541	−0.054%	$67.9M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4541	−0.044%	$73.3M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4541	−0.044%	$17.4M	$79.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4545	+0.033%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4541	−0.054%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4540	−0.066%	$48.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4541	−0.044%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4542	−0.022%	$25.7M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4541	−0.044%	—	$740K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4546	+0.075%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.027%	$808K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4549	+0.122%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4553	+0.217%	$429K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4543	−0.002%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4540	−0.066%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4540	−0.066%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4554	+0.242%	$133K	$502K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4543	long leg	$4.5M	$7.0M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4542	−0.019%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4541	−0.054%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4543	0.000%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4542	−0.013%	$374	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4558	+0.326%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4555	+0.264%	$297K	$817K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4545	+0.044%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0464%	1h	0.4554	+0.247%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4539	−0.091%	$542K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4540	−0.071%	$2K	—	20x	as long as short