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% APRnext payment +$0.18 per $10,000 · paid last 24h —

Price spread now: Phoenix against RISEx+0.227%50s7-day average — · you sell dearer than you buy

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

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.227% dearer against RISEx than usual: you sell high and buy low: +$23 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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	RISEx ONDO/USDC	0.4563	0.0100	pay 0.0013% / 1h	43m 41s	—	—	5x
Short	Phoenix ONDO	0.4573	0.0244	get 0.0031% / 1h	43m 41s	$38K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now +0.227%Rate

Funding earned: $30.26
Price spread: +0.227% → 0.000%: $22.72
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $39.98
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: RISEx: no order-book sample; Phoenix: live order book, 29 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 RISEx no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 29 min ago	1.09 bp	12.6 bp −$13	43.6 bp −$436	doesn't fit	doesn't fit

RISEx: 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	−0.0798%	1h	0.4569	+0.128%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.107%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4568	+0.112%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	+0.107%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4567	+0.096%	$431K	$705K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4568	+0.107%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4564	+0.015%	$68.2M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4562	−0.025%	$74.0M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4560	−0.069%	$17.8M	$81.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	+0.056%	$74K	$89K	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/USDClong	+0.0100%	1h	0.4563	long leg	—	—	5x
Gate ONDO_USDT	+0.0100%	4h	0.4564	+0.019%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4560	−0.069%	$49.5M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	+0.063%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4561	−0.047%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4560	−0.069%	—	$739K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.215%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4575	+0.250%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4575	+0.251%	$433K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4568	+0.107%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	+0.194%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4562	−0.025%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	+0.129%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4571	+0.172%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	+0.151%	$4.7M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4560	−0.077%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4559	−0.087%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4573	+0.206%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0175%	1h	0.4570	+0.153%	$230K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	+0.151%	$36K	$436K	25x	as long as short
Phoenix ONDOshort	+0.0244%	1h	0.4573	+0.227%	$38K	$257K	10x
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4565	+0.041%	$299K	$852K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4566	+0.063%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0341%	1h	0.4568	+0.111%	$40.5M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4569	+0.122%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4569	+0.130%	$545K	—	100x	as long as short
Lighter ONDO	+0.0928%	1h	0.4573	+0.207%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	+0.159%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6293%	1h	0.4565	+0.040%	$258K	$131K	5x	as long as short