Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0227%/8h= −24.8% APRpaid last 24h −0.013%

Price spread now: MEXC against Phoenix−0.268%92s7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as 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−$280.279% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.268%, 7d avg −0.087%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and MEXC is 0.181% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.087%). Swap the legs. The two prices were read 92 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 0.024% in total (about 1.3% 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	0.4368	0.0327	pay 0.0041% / 1h	19m 55s	$35K	$218K	10x
Short	MEXC ONDO_USDT	0.4356	0.0100	get 0.0050% / 4h	3h 19m	$43.2M	$42.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.268%Rate

Funding earned: −$47.65
Price spread: −0.268% → −0.087%: −$18.09
Slippage, 4 orders: −$20.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$93.64
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Phoenix: live order book, 27 min ago; MEXC: 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, 27 min ago	0.91 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.15 bp	1.1 bp −$1	4.6 bp −$46	19.7 bp −$1,968	96.7 bp −$48.3K

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	−0.0161%	1h	0.4358	−0.213%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4358	−0.225%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.586%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4360	−0.165%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4359	−0.199%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4360	−0.171%	$360K	$840K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4354	−0.314%	$62.8M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4352	−0.359%	$67.6M	$124.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4354	−0.314%	$17.0M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4363	−0.101%	$72K	$83K	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	0.4358	−0.232%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4354	−0.314%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4356	−0.268%	$43.2M	$42.0M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4355	−0.291%	$12.6M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4357	−0.245%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4354	−0.314%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4357	−0.250%	$183K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4352	−0.365%	$702K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4354	−0.312%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4364	−0.094%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4353	−0.337%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	−0.181%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4361	−0.153%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	−0.176%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4368	+0.007%	$129K	$423K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4360	−0.176%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4358	−0.211%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4356	−0.278%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4362	−0.136%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0153%	4h	0.4356	−0.279%	$786K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4360	−0.181%	$359	$2K	10x	as long as short
Hyperliquid ONDO	+0.0189%	1h	0.4358	−0.234%	$37.4M	$24.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4362	−0.131%	$246K	$726K	50x	as long as short
Phoenix ONDOlong	+0.0327%	1h	0.4368	long leg	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4353	−0.337%	$3.1M	$3.1M	75x	as long as short
dYdX ONDO-USD	+0.0397%	1h	0.4350	−0.402%	$246K	$129K	5x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0555% / S −0.0193%	1h	0.4358	−0.225%	$485K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0668%	1h	0.4362	−0.131%	$18K	$362K	25x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4360	−0.182%	$2K	—	20x	as long as short