ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0264%/8h= +28.9% APRnext payment +$0.33 per $10,000 · paid last 24h +0.009%

Price spread now: Deribit against Phoenix−0.493%70s7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as 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−$480.475% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 3 days (all we have)+0.479%+$48 · spread now −0.493%, 7d avg −0.042%

Together, before fees+0.554%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.451% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.493% now, against its 7-day average of −0.042%). If the spread goes back, that is −$45 on $10k: about 5.7 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.076% in total) that is about 40 days. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.076% in total (about 4.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.33 per $10,000. 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	Phoenix ONDO	0.4601	0.0142	pay 0.0018% / 1h	14m 13s	$37K	$219K	10x
Short	Deribit ONDO_USDC-PERPETUAL	0.4578	0.0406	get 0.0051% / 1h	14m 13s	$31K	$432K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. 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 PhoenixbpFee DeribitbpOrdersPrice spread, now −0.493%Rate

Funding earned: $55.44
Price spread: −0.493% → −0.042%: −$45.14
Slippage, 4 orders: −$33.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$37.2
Costs to cover: 0.475%
Break-even: 11.7 days

Slippage from Phoenix: live order book, 63 min ago; Deribit: live order book, 4 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, 63 min ago	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	4.34 bp	14.4 bp −$14	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	−0.0352%	1h	0.4572	−0.613%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	−0.599%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4575	−0.559%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4576	−0.548%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	−0.538%	$734K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4574	−0.585%	$67.6M	$227.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4573	−0.602%	$74.1M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4572	−0.624%	$17.9M	$81.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−0.274%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4573	−0.593%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4570	−0.667%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4574	−0.580%	$49.3M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4573	−0.602%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	−0.602%	$26.0M	$41.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4573	−0.602%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4598	−0.060%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.060%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4600	−0.019%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.137%	$165K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	−0.561%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4575	−0.559%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4573	−0.602%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4579	−0.472%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4573	−0.602%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4574	−0.584%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4572	−0.633%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4578	−0.483%	$44K	$8K	3x	as long as short
Phoenix ONDOlong	+0.0142%	1h	0.4601	long leg	$37K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.711%	$888	$216K	5.5x	as long as short
Backpack ONDO_USDC_PERP	+0.0152%	1h	0.4575	−0.567%	$231K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	−0.124%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4583	−0.385%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0406%	1h	0.4578	−0.493%	$31K	$432K	25x
01 Exchange ONDOUSD	+0.0408%	1h	0.4577	−0.513%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0422%	1h	0.4574	−0.580%	$40.7M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0187%	1h	0.4573	−0.610%	$545K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4583	−0.387%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4575	−0.551%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4745%	1h	0.4575	−0.550%	$259K	$129K	5x	as long as short