Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.002%

Price spread now: Bitget against Backpack−0.094%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$410.415% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.094%, 7d avg −0.018%

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.077% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4554	0.0120	pay 0.0015% / 1h	37m 27s	$230K	$1.0M	15x
Short	Bitget ONDOUSDT	0.4550	0.0100	get 0.0050% / 4h	37m 27s	$25.7M	$41.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$4.18
Price spread: −0.094% → −0.018%: −$7.66
Slippage, 4 orders: −$19.47
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.31
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Bitget: 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, 2 min ago	1.21 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.10 bp	10.8 bp −$11	15.7 bp −$157	46.5 bp −$4,648	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	−0.0801%	1h	0.4553	−0.025%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.301%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4548	−0.134%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4551	−0.072%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	−0.040%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4554	−0.007%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4550	−0.094%	$68.1M	$228.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4549	−0.116%	$73.7M	$123.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4551	−0.072%	$17.7M	$81.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	−0.224%	$74K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4550	−0.084%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4550	−0.094%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4549	−0.116%	$49.3M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4552	−0.051%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4550	−0.094%	$25.7M	$41.5M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4548	−0.138%	—	$740K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4559	+0.102%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4550	−0.090%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4556	+0.047%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4551	−0.072%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4553	−0.033%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	−0.029%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4553	−0.029%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4564	+0.213%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4554	−0.007%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4552	−0.049%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	−0.089%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4555	+0.004%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERPlong	+0.0120%	1h	0.4554	long leg	$230K	$1.0M	15x
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4554	−0.007%	$36K	$436K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4555	+0.007%	$38K	$257K	10x	as long as short
Hyperliquid ONDO	+0.0281%	1h	0.4555	+0.011%	$40.4M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4550	−0.094%	$298K	$851K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4548	−0.138%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4555	+0.004%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4551	−0.066%	$544K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4562	+0.173%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4550	−0.096%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4906%	1h	0.4554	−0.005%	$258K	$131K	5x	as long as short