Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.010%

Price spread now: HTX against Phoenix+0.103%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1061.063% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.095%+$10 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now +0.103%, 7d avg +0.072%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.031% dearer against Phoenix than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.072%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.095%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.095% in total (about 5.0% a year). A funding rate is set anew for every payment. 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	0.4374	0.0365	pay 0.0046% / 1h	38m 37s	$35K	$223K	10x
Short	HTX ONDO-USDT	0.4378	0.0100	get 0.0050% / 4h	38m 37s	$127K	$477K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$55.62
Price spread: +0.103% → +0.072%: $3.09
Slippage, 4 orders: −$87.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$158.87
Costs to cover: 1.063%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; HTX: live order book, 20 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, 14 min ago	0.91 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell HTX live order book, 20 min ago	12.55 bp	18.6 bp −$19	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4369	−0.105%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	−0.214%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.447%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4370	−0.080%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4365	−0.194%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	−0.280%	$368K	$850K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4372	−0.037%	$37.5M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4358	−0.345%	$62.8M	$230.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4356	−0.400%	$67.7M	$125.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4362	−0.263%	$17.0M	$72.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4384	+0.247%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4356	−0.411%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4348	−0.583%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4353	−0.469%	$45.4M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4369	−0.103%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4361	−0.286%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4353	−0.469%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4368	−0.130%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4369	−0.110%	$708K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	+0.096%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4376	+0.047%	$410K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4372	−0.034%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	−0.316%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4374	+0.011%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4367	−0.149%	$454	$13K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4378	+0.103%	$127K	$477K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4369	−0.103%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4352	−0.487%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4351	−0.511%	$396K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4368	−0.126%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0207%	1h	0.4352	−0.496%	$246K	$129K	5x	as long as short
Aster ONDOUSDT	+0.0213%	4h	0.4369	−0.096%	$742K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4358	−0.345%	$359	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.469%	$276K	$718K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	−0.171%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDOlong	+0.0365%	1h	0.4374	long leg	$35K	$223K	10x
Deribit ONDO_USDC-PERPETUAL	+0.0437%	1h	0.4367	−0.149%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4367	−0.147%	$519K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4361	−0.286%	$2K	—	20x	as long as short