Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h +0.054%

Price spread now: BloFin against Phoenix−0.072%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.483%+$48 on $10k

Price spread, last 4 days (all we have)+0.147%+$15 · spread now −0.072%, 7d avg −0.049%

Together, before fees+0.629%+$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.023% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.049%). If the spread goes back, that is −$2 on $10k: about 2.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.483% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4326	0.0313	pay 0.0039% / 1h	2m 05s	$35K	$223K	10x
Short	BloFin ONDO-USDT	0.4323	0.0340	get 0.0170% / 4h	1h 02m	$3.2M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpFee BloFinbpOrdersPrice spread, now −0.072%Rate

Funding earned: $5.71
Price spread: −0.072% → −0.049%: −$2.29
Slippage, 4 orders: −$25.1
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$40.69
Costs to cover: 0.441%
Break-even: 56.9 days

Slippage from Phoenix: live order book, 35 min ago; BloFin: 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 Phoenix live order book, 35 min ago	0.93 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	2.31 bp	9.2 bp −$9	14.3 bp −$143	32.4 bp −$3,242	106.0 bp −$53.0K

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	0.4321	−0.126%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4320	−0.144%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.592%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4325	−0.014%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4322	−0.095%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	−0.072%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4322	−0.091%	$62.5M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4321	−0.118%	$67.7M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	−0.072%	$17.2M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4328	+0.032%	$71K	$81K	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	0.4322	−0.099%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4321	−0.118%	$12.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4322	−0.095%	$43.3M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.095%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4322	−0.095%	$24.6M	$36.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4322	−0.095%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4323	−0.079%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4331	+0.107%	$735K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	+0.027%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4327	+0.022%	$402K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4326	−0.002%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	−0.095%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4320	−0.141%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4323	−0.072%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4323	−0.072%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4330	+0.090%	$128K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4323	−0.072%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4321	−0.128%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	−0.128%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4324	−0.049%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	−0.095%	$18K	$351K	25x	as long as short
dYdX ONDO-USD	+0.0229%	1h	0.4324	−0.057%	$243K	$156K	5x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4323	−0.065%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4328	+0.044%	$214K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0272%	1h	0.4326	+0.002%	$36.4M	$27.1M	10x	as long as short
Phoenix ONDOlong	+0.0313%	1h	0.4326	long leg	$35K	$223K	10x
BloFin ONDO-USDTshort	+0.0340%	4h	0.4323	−0.072%	$3.2M	$3.2M	75x
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4320	−0.146%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4321	−0.107%	$2K	—	20x	as long as short