Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Bybit against Backpack−0.072%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

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

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.072%, 7d avg −0.024%

Together, before fees−0.028%−$3 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: Bybit is 0.048% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4326	0.0100	pay 0.0013% / 1h	8m 51s	$177K	$995K	15x
Short	Bybit ONDOUSDT	0.4323	0.0100	get 0.0050% / 4h	1h 08m	$67.7M	$122.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.072%Rate

Funding earned: $0
Price spread: −0.072% → −0.024%: −$4.75
Slippage, 4 orders: −$17.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.74
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Backpack: live order book, 40 min ago; Bybit: live order book, 5 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, 40 min ago	1.84 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.15 bp	8.8 bp −$9	13.7 bp −$137	50.4 bp −$5,041	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	−0.0146%	1h	0.4326	−0.001%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4327	+0.015%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.592%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4330	+0.099%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4329	+0.067%	$347K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4326	−0.002%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4325	−0.024%	$62.5M	$233.6M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4323	−0.072%	$67.7M	$122.4M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4325	−0.025%	$17.2M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4348	+0.509%	$71K	$81K	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	0.4325	−0.036%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4322	−0.095%	$12.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	−0.072%	$43.3M	$42.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.095%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4324	−0.049%	$24.7M	$36.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4323	−0.072%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4326	long leg	$177K	$995K	15x
Variational Omni ONDO	+0.0100%	4h	0.4332	+0.129%	$724K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4342	+0.379%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4335	+0.208%	$405K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4335	+0.206%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4329	+0.065%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4327	+0.021%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4329	+0.067%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4328	+0.044%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4334	+0.183%	$128K	$394K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4325	−0.025%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4326	−0.012%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4322	−0.094%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	+0.097%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0124%	1h	0.4326	+0.001%	$243K	$140K	5x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4329	+0.072%	$356	$2K	10x	as long as short
Hyperliquid ONDO	+0.0259%	1h	0.4329	+0.069%	$36.4M	$27.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.368%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4337	+0.250%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4328	+0.044%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0443%	1h	0.4329	+0.067%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4326	−0.003%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4326	+0.008%	$2K	—	20x	as long as short