Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0067%/8h= −7.4% APRpaid last 24h −0.029%

Price spread now: Paradex against Phoenix−0.018%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4293	0.0167	pay 0.0021% / 1h	47m 06s	$34K	$204K	10x
Short	Paradex ONDO-USD-PERP	0.4292	0.0100	get 0.0100% / 8h	4h 47m	$6K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$14.12
Price spread: −0.018% → 0.000%: −$1.79
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$26.91
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 53 min ago; Paradex: no order-book sample. Net counts fees only.

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, 53 min ago	0.93 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 39 exchanges

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	−0.0259%	1h	0.4292	−0.003%	$2.5M	$6.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4294	+0.033%	$21K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4294	+0.022%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.416%	$888	$214K	5.5x	as long as short
Bybit ONDOUSDT	+0.0063%	4h	0.4289	−0.084%	$67.0M	$112.5M	50x	as long as short
ApeX Omni ONDOUSDT	+0.0070%	1h	0.4283	−0.224%	$85K	$350K	50x	as long as short
Lighter ONDO	+0.0096%	1h	0.4297	+0.109%	$1.0M	$2.1M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4293	+0.009%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4293	+0.021%	$329K	$815K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4298	+0.128%	$36.2M	$26.2M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4295	+0.055%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4293	+0.016%	$61.9M	$211.5M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4289	−0.084%	$17.2M	$65.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4280	−0.296%	$68K	$65K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4294	+0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	+0.079%	$14.2M	$12.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4293	+0.009%	$43.8M	$39.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4294	+0.033%	$12.9M	$8.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4291	−0.037%	$24.8M	$30.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4291	−0.037%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4290	−0.068%	$176K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4281	−0.262%	$613K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4279	−0.320%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4282	−0.243%	$394K	$2.1M	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4297	+0.098%	$53K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4295	+0.056%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4294	+0.033%	$446	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4302	+0.219%	$105K	$439K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4293	+0.009%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERPshort	+0.0100%	8h	0.4292	−0.018%	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4292	−0.013%	$346K	$760K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4295	+0.056%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4297	+0.109%	$354	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0162% / S +0.0062%	1h	0.4293	−0.001%	$272K	—	100x	as long as short
Phoenix ONDOlong	+0.0167%	1h	0.4293	long leg	$34K	$204K	10x
Coinbase International ONDO-PERP-INTX	+0.0240%	1h	0.4305	+0.289%	$212K	$548K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4292	−0.014%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1168%	1h	0.4296	+0.075%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3849%	1h	0.4290	−0.068%	$245K	$159K	5x	as long as short