Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.020%

Price spread now: Phoenix against SunX+0.212%69s7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$184as 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−$1761.760% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.248%−$25 · spread now +0.212%, 7d avg +0.079%

Together, before fees−0.327%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.133% dearer against SunX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.079%. Mind the row above: over the last 7 days funding on this pair cost −0.079%, so the current rate has only just turned in your favour. The two prices were read 69 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 -0.079% in total (about -4.1% 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	SunX ONDO-USDT	0.4301	0.0100	pay 0.0050% / 4h	22m 11s	—	$1.4M	20x
Short	Phoenix ONDO	0.4310	0.0315	get 0.0039% / 1h	22m 11s	$35K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.212%Rate

Funding earned: $45.13
Price spread: +0.212% → +0.079%: $13.29
Slippage, 4 orders: −$160.96
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$117.54
Costs to cover: 1.760%
Break-even: 25.2 days

Slippage from SunX: live order book, 2 min ago; Phoenix: live order book, 10 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 SunX live order book, 2 min ago	47.65 bp	69.8 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 10 min ago	0.93 bp	12.6 bp −$13	43.8 bp −$438	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	−0.0177%	1h	0.4298	−0.069%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	−0.052%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.208%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4302	+0.014%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4303	+0.035%	$344K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4300	−0.023%	$749K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4297	−0.093%	$62.5M	$233.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4295	−0.140%	$67.4M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4296	−0.116%	$17.2M	$71.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	−0.179%	$71K	$80K	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	0.4299	−0.044%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	−0.116%	$12.8M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4297	−0.093%	$43.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4297	−0.093%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4297	−0.093%	$24.5M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4297	−0.093%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4296	−0.116%	$173K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4299	−0.053%	$675K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4301	+0.001%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4299	−0.058%	$396K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	0.000%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	+0.009%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4298	−0.070%	$23K	$6K	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4301	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4301	0.000%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4308	+0.163%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4297	−0.093%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4300	−0.023%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4299	−0.050%	$352K	$802K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	+0.029%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4301	+0.012%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.279%	$213K	$730K	50x	as long as short
Phoenix ONDOshort	+0.0315%	1h	0.4310	+0.212%	$35K	$221K	10x
Hyperliquid ONDO	+0.0338%	1h	0.4300	−0.021%	$36.2M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4302	+0.023%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0448%	1h	0.4301	0.000%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4298	−0.065%	$491K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4300	−0.018%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1663%	1h	0.4300	−0.020%	$241K	$156K	5x	as long as short