Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.004%

Price spread now: SunX against Phoenix−0.018%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$233as in the Price arb table

costs, in and out, $10k−$2382.378% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.018%, 7d avg −0.070%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.052% dearer against Phoenix than usual: you sell high and buy low (spread −0.018% now, against its 7-day average of −0.070%): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4555	0.0244	pay 0.0031% / 1h	18m 59s	$38K	$257K	10x
Short	SunX ONDO-USDT	0.4554	0.0100	get 0.0050% / 4h	18m 59s	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$30.26
Price spread: −0.018% → −0.070%: $5.24
Slippage, 4 orders: −$222.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$262.81
Costs to cover: 2.378%
Break-even: never at this rate

Slippage from Phoenix: live order book, 54 min ago; SunX: live order book, 5 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, 54 min ago	1.09 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	82.64 bp	106.7 bp −$107	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	−0.0800%	1h	0.4561	+0.144%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.290%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4561	+0.141%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4561	+0.136%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4560	+0.109%	$438K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4566	+0.249%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4566	+0.245%	$68.2M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4565	+0.224%	$74.1M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4566	+0.246%	$17.7M	$80.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4547	−0.167%	$74K	$88K	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	0.4561	+0.133%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4560	+0.114%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4565	+0.224%	$48.8M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	+0.246%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4565	+0.224%	$25.8M	$40.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4563	+0.180%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4565	+0.228%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4549	−0.130%	$782K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4538	−0.374%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4543	−0.266%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4539	−0.347%	$172K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4565	+0.231%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4554	−0.018%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4563	+0.180%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4563	+0.180%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4562	+0.158%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4557	+0.043%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4564	+0.210%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4565	+0.218%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0118%	1h	0.4566	+0.244%	$40.4M	$26.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4564	+0.202%	$35K	$437K	25x	as long as short
Phoenix ONDOlong	+0.0244%	1h	0.4555	long leg	$38K	$257K	10x
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4562	+0.158%	$297K	$844K	50x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4564	+0.209%	$376	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4553	−0.040%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4561	+0.135%	$545K	—	100x	as long as short
Lighter ONDO	+0.0744%	1h	0.4572	+0.371%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4562	+0.148%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3461%	1h	0.4555	+0.011%	$258K	$132K	5x	as long as short