Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.1035%/8hpaid last 24h −0.302%

Price spread now: Phemex against Reya−0.149%46s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Phemex is 0.149% cheaper against Reya than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ONDORUSDPERP	0.4413	0.1135	pay 0.0142% / 1h	4m 21s	$2K	—	20x
Short	Phemex ONDOUSDT	0.4406	0.0100	get 0.0050% / 4h	4m 21s	$4.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$217.38
Price spread: −0.149% → 0.000%: −$14.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$250.24
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.27 bp	13.7 bp −$14	22.3 bp −$223	doesn't fit	doesn't fit

Reya: 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 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	−0.0494%	1h	0.4404	−0.199%	$2.9M	$7.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	+0.028%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4410	−0.061%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4405	−0.177%	$453K	$613K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4414	+0.034%	$753K	$1.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4414	+0.033%	$65.5M	$216.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4412	−0.013%	$69.4M	$112.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	+0.078%	$17.2M	$77.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4400	−0.282%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4412	−0.017%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4411	−0.035%	$11.6M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4413	+0.010%	$52.2M	$44.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	−0.013%	$13.4M	$9.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4414	+0.033%	$25.0M	$40.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4412	−0.013%	—	$751K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4408	−0.099%	$235K	$938K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4406	−0.138%	$765K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4409	−0.078%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4409	−0.075%	$410K	$826K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4411	−0.035%	$155K	$352K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4413	+0.015%	$71K	$994K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4416	+0.078%	$24K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4406	−0.149%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.171%	$458	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4419	+0.146%	$109K	$488K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4406	−0.149%	$4.9M	$5.8M	50x
Extended ONDO-USD	+0.0104%	1h	0.4412	−0.019%	$386K	$944K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	−0.163%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4408	−0.094%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	+0.078%	$994	$82K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4407	−0.126%	$20K	$344K	25x	as long as short
Hyperliquid ONDO	+0.0217%	1h	0.4416	+0.089%	$39.1M	$26.0M	10x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4416	+0.087%	$363	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4409	−0.081%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0472%	1h	0.4417	+0.105%	$1.2M	$1.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4416	+0.078%	$329K	$741K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0609% / S −0.0203%	1h	0.4413	+0.002%	$548K	—	100x	as long as short
Reya ONDORUSDPERPlong	+0.1135%	1h	0.4413	long leg	$2K	—	20x
dYdX ONDO-USD	+1.1484%	1h	0.4410	−0.057%	$250K	$116K	5x	as long as short