Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.059%

Price spread now: Phemex against 01 Exchange−0.225%7-day average — · you buy dearer than you sell

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

Long on 01 Exchange 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—needs both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.225% cheaper against 01 Exchange than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ONDOUSD	0.4576	0.0392	pay 0.0049% / 1h	5m 26s	$377	$2K	10x
Short	Phemex ONDOUSDT	0.4566	0.0100	get 0.0050% / 4h	1h 05m	$4.7M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$61.32
Price spread: −0.225% → 0.000%: −$22.51
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$102.83
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; Phemex: live order book, 3 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	3.28 bp	15.2 bp −$15	23.2 bp −$232	doesn't fit	doesn't fit

01 Exchange: 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	−0.0352%	1h	0.4567	−0.210%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4566	−0.221%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	−0.181%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4568	−0.176%	$430K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4571	−0.116%	$717K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4569	−0.160%	$67.9M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4570	−0.138%	$74.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4570	−0.138%	$17.8M	$81.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4571	−0.120%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	−0.118%	—	—	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	0.4568	−0.181%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4571	−0.116%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4570	−0.138%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4571	−0.116%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4568	−0.181%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4560	−0.359%	$786K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4561	−0.327%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	−0.093%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.334%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	−0.094%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	−0.072%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4569	−0.160%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4597	+0.452%	$134K	$505K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4566	−0.225%	$4.7M	$6.5M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4569	−0.164%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4570	−0.141%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4571	−0.112%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	−0.011%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0145%	1h	0.4566	−0.221%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.181%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4570	−0.138%	$31K	$431K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.409%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4561	−0.334%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0373%	1h	0.4574	−0.042%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSDlong	+0.0392%	1h	0.4576	long leg	$377	$2K	10x
GMX ONDO/USD [ETH-USDC]	L +0.0609% / S −0.0197%	1h	0.4569	−0.157%	$560K	—	100x	as long as short
Lighter ONDO	+0.0720%	1h	0.4576	0.000%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	−0.136%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5736%	1h	0.4563	−0.282%	$258K	$129K	5x	as long as short