Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Aster against Backpack+0.135%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days−0.238%−$24 · spread now +0.135%, 7d avg +0.042%

Together, before fees−0.234%+ Points / potential airdropAster: Stage 5 · farm board−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.092% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4301	0.0100	pay 0.0013% / 1h	32m 41s	$176K	$989K	15x
Short	Aster ONDOUSDT	0.4307	0.0100	get 0.0050% / 4h	2h 32m	$775K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now +0.135%Rate

Funding earned: $0
Price spread: +0.135% → +0.042%: $9.24
Slippage, 4 orders: −$21
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$29.76
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Backpack: live order book, 21 min ago; Aster: live order book, 1 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 Backpack live order book, 21 min ago	1.27 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	3.48 bp	9.4 bp −$9	33.6 bp −$336	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	−0.0243%	1h	0.4298	−0.072%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	−0.053%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0018%	1h	0.4301	−0.009%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.203%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4304	+0.060%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4308	+0.158%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4301	−0.005%	$350K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4306	+0.107%	$36.0M	$26.0M	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4307	+0.135%	$775K	$2.6M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4308	+0.155%	$62.0M	$235.7M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4305	+0.088%	$67.1M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4307	+0.135%	$17.1M	$73.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4316	+0.349%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4302	+0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4301	−0.005%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4301	−0.005%	$42.4M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4301	−0.005%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4304	+0.065%	$24.7M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4302	+0.019%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4301	long leg	$176K	$989K	15x
Variational Omni ONDO	+0.0100%	4h	0.4320	+0.433%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4331	+0.703%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	+0.450%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.670%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.005%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4299	−0.051%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.005%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4301	−0.005%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4314	+0.298%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4302	+0.019%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4299	−0.046%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4302	+0.009%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4303	+0.042%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4302	+0.019%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.042%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	+0.270%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4305	+0.088%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4299	−0.062%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4301	−0.016%	$2K	—	20x	as long as short