Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: BingX against Backpack−0.022%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1351.345% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.022%, 7d avg −0.029%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4578	0.0100	pay 0.0013% / 1h	44m 11s	$229K	$1.0M	15x
Short	BingX ONDO-USDC	0.4577	0.0100	get 0.0050% / 4h	3h 44m	—	$743K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0
Price spread: −0.022% → −0.029%: $0.68
Slippage, 4 orders: −$114.52
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$133.83
Costs to cover: 1.345%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; BingX: live order book, 45 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, 5 min ago	1.54 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 45 min ago	2.20 bp	51.5 bp −$52	93.3 bp −$933	644.5 bp −$64.4K	1037.6 bp −$518.8K

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	−0.0873%	1h	0.4576	−0.051%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4576	−0.044%	$259K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4578	0.000%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4576	−0.040%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.218%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4577	−0.022%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4576	−0.049%	$439K	$703K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4581	+0.068%	$40.4M	$26.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4581	+0.057%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4580	+0.039%	$68.4M	$225.8M	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	0.4579	+0.022%	$74.0M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4585	+0.153%	$17.6M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4578	−0.007%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4578	−0.004%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4575	−0.066%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4576	−0.044%	$49.0M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4576	−0.044%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4578	0.000%	$25.9M	$40.0M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4577	−0.022%	—	$743K	—
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4578	long leg	$229K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4549	−0.638%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	−0.664%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	−0.682%	$428K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4545	−0.721%	$173K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4580	+0.050%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4578	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4578	0.000%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4589	+0.240%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4576	−0.044%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4580	+0.042%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4578	−0.010%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4579	+0.014%	$40K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4582	+0.096%	$377	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4558	−0.441%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4570	−0.175%	$298K	$820K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4563	−0.328%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0520%	1h	0.4585	+0.159%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4576	−0.046%	$547K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4576	−0.038%	$2K	—	20x	as long as short