Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.008%

Price spread now: edgeX against Phoenix−0.043%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.043%, 7d avg −0.071%

Together, before fees+0.021%+ Points / potential airdropedgeX: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.028% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4509	0.0018	pay 0.0002% / 1h	59m 25s	$29K	$213K	10x
Short	edgeX ONDOUSDC	0.4507	0.0100	get 0.0050% / 4h	1h 59m	$5K	$319K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $17.29
Price spread: −0.043% → −0.071%: $2.81
Slippage, 4 orders: −$27.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$23.06
Costs to cover: 0.432%
Break-even: 16.3 days

Slippage from Phoenix: live order book, 18 min ago; edgeX: live order book, 24 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, 18 min ago	1.10 bp	12.6 bp −$13	51.5 bp −$515	doesn't fit	doesn't fit
Sell edgeX live order book, 24 min ago	4.42 bp	8.9 bp −$9	15.3 bp −$153	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	−0.1129%	1h	0.4506	−0.057%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4512	+0.075%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4512	+0.085%	$6K	—	150x	as long as short
Phoenix ONDOlong	+0.0018%	1h	0.4509	long leg	$29K	$213K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4503	−0.124%	$1K	$181K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4510	+0.031%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4511	+0.059%	$423K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4513	+0.098%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4513	+0.098%	$66.5M	$220.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4513	+0.098%	$73.1M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4509	+0.009%	$17.6M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	+0.089%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4507	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4511	+0.053%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4513	+0.098%	$47.2M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4512	+0.075%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4513	+0.098%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4513	+0.098%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4511	+0.055%	$195K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4505	−0.072%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4507	−0.043%	$5K	$319K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4504	−0.109%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4510	+0.031%	$159K	$333K	50x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4510	+0.031%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4510	+0.031%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4518	+0.208%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4509	+0.009%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4505	−0.071%	$6K	$9	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4514	+0.111%	$81K	$1.1M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4507	−0.043%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4512	+0.079%	$44K	$8K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4513	+0.098%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4511	+0.053%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4515	+0.133%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4513	+0.109%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4512	+0.067%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4514	+0.114%	$2K	—	20x	as long as short
Hyperliquid ONDO	+0.1161%	1h	0.4518	+0.206%	$40.4M	$27.6M	10x	as long as short
dYdX ONDO-USD	+0.8817%	1h	0.4507	−0.039%	$255K	$129K	5x	as long as short