Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.001%

Price spread now: Binance against Backpack−0.180%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)+0.216%+$22 · spread now −0.180%, 7d avg −0.002%

Together, before fees+0.155%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.178% cheaper against Backpack than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4401	0.0164	pay 0.0020% / 1h	10m 30s	$201K	$1.0M	15x
Short	Binance ONDOUSDT	0.4393	0.0100	get 0.0050% / 4h	2h 10m	$63.7M	$231.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.180%Rate

Funding earned: −$13.42
Price spread: −0.180% → −0.002%: −$17.84
Slippage, 4 orders: −$16.04
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$67.3
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Binance: live order book, 3 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, 3 min ago	1.93 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.13 bp	7.5 bp −$7	16.6 bp −$166	53.7 bp −$5,374	356.3 bp −$178.1K

ONDO on 38 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	−0.0363%	1h	0.4400	−0.014%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4392	−0.197%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4396	−0.114%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.799%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4399	−0.041%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4392	−0.189%	$380K	$859K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4397	−0.088%	$676K	$2.2M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4393	−0.180%	$63.7M	$231.0M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4392	−0.200%	$69.6M	$124.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.200%	$17.0M	$74.5M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	−0.039%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4391	−0.227%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.200%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.177%	$46.2M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	−0.155%	$13.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4392	−0.200%	$25.0M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	−0.155%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	−0.070%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4403	+0.054%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4407	+0.137%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.095%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.170%	$90K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4400	−0.018%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	+0.027%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4402	+0.027%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4394	−0.158%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.179%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4402	+0.039%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERPlong	+0.0164%	1h	0.4401	long leg	$201K	$1.0M	15x
Hyperliquid ONDO	+0.0247%	1h	0.4394	−0.155%	$38.7M	$25.8M	10x	as long as short
Phemex ONDOUSDT	+0.0306%	4h	0.4401	+0.005%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.482%	$284K	$713K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4409	+0.195%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4395	−0.139%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	+0.027%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4396	−0.106%	$485K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4400	−0.030%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4391	−0.218%	$2K	—	20x	as long as short