Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.070%

Price spread now: BloFin against Backpack−0.002%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now −0.002%, 7d avg +0.010%

Together, before fees+0.421%+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4287	0.0100	pay 0.0013% / 1h	52m 43s	$180K	$975K	15x
Short	BloFin ONDO-USDT	0.4287	0.0340	get 0.0170% / 4h	52m 43s	$3.2M	$2.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.002%Rate

Funding earned: $50.4
Price spread: −0.002% → +0.010%: −$1.25
Slippage, 4 orders: −$18.87
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $8.29
Costs to cover: 0.409%
Break-even: 5.8 days

Slippage from Backpack: live order book, 14 min ago; BloFin: live order book, 4 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, 14 min ago	1.28 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	3.49 bp	11.4 bp −$11	14.6 bp −$146	31.8 bp −$3,178	99.4 bp −$49.7K

ONDO on 39 exchanges

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	−0.0260%	1h	0.4287	+0.006%	$2.5M	$6.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4285	−0.049%	$21K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4286	−0.033%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.552%	$888	$214K	5.5x	as long as short
Bybit ONDOUSDT	+0.0062%	4h	0.4283	−0.096%	$66.7M	$112.6M	50x	as long as short
Lighter ONDO	+0.0096%	1h	0.4291	+0.082%	$1.0M	$2.1M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4285	−0.049%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4289	+0.056%	$329K	$815K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4289	+0.033%	$36.2M	$26.2M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4288	+0.014%	$763K	$2.8M	20x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4285	−0.053%	$61.9M	$211.7M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4285	−0.049%	$17.1M	$65.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4286	−0.030%	$68K	$66K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4286	−0.017%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4285	−0.049%	$14.0M	$12.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4285	−0.049%	$43.8M	$39.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4286	−0.026%	$12.9M	$9.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4286	−0.026%	$24.8M	$30.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4286	−0.026%	—	$781K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4287	long leg	$180K	$975K	15x
Variational Omni ONDO	+0.0100%	4h	0.4291	+0.099%	$614K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4293	+0.142%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4294	+0.161%	$395K	$2.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4294	+0.161%	$85K	$350K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4287	+0.007%	$52K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4289	+0.044%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4288	+0.021%	$446	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4298	+0.254%	$105K	$440K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4289	+0.044%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4283	−0.091%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4285	−0.060%	$348K	$760K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4287	0.000%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4288	+0.026%	$353	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0163% / S +0.0061%	1h	0.4285	−0.039%	$271K	—	100x	as long as short
Phoenix ONDO	+0.0167%	1h	0.4302	+0.345%	$35K	$204K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0240%	1h	0.4305	+0.418%	$212K	$550K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4287	−0.002%	$3.2M	$2.9M	75x
Reya ONDORUSDPERP	+0.1168%	1h	0.4285	−0.048%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3911%	1h	0.4288	+0.017%	$245K	$159K	5x	as long as short