The right-hander, who turns 28 next month, asked arbitrators Dennis Archer, Phillip LaPorte and Matt Goldberg for a raise from $4.1 million to $6.3 million. The Rays argued during Monday's hearing that he should be paid $6.05 million.
Odorizzi was 10-8 with a 4.14 ERA in 28 starts last year. He struck out 127, his lowest total in four full major league seasons, and walked a career-high 61.
He is eligible for free agency after the 2019 season and could be dealt by the low-payroll Rays.
Infielder Adeiny Hechavarria beat the Rays in arbitration on Feb. 3 and will get $5.9 million instead of the team's $5.3 million offer.
Players lead 7-6 with decisions pending for Hechavarria and Cleveland pitcher Trevor Bauer. Eight more hearings are scheduled for this week.