ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0085%/8h= +9.3% APRnext payment +$0.11 per $10,000 · paid last 24h +0.002%

Price spread now: Deribit against Backpack+0.039%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.039%, 7d avg +0.001%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Deribit is 0.038% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4599	0.0100	pay 0.0013% / 1h	42m 57s	$230K	$1.0M	15x
Short	Deribit ONDO_USDC-PERPETUAL	0.4601	0.0185	get 0.0023% / 1h	42m 57s	$34K	$363K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.039%Rate

Funding earned: $17.85
Price spread: +0.039% → +0.001%: $3.83
Slippage, 4 orders: −$26.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$21.69
Costs to cover: 0.434%
Break-even: 15.5 days

Slippage from Backpack: live order book, 1 min ago; Deribit: live order book, 31 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, 1 min ago	1.09 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 31 min ago	6.57 bp	14.5 bp −$14	doesn't fit	doesn't fit	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	−0.0869%	1h	0.4594	−0.119%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4591	−0.173%	$260K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4598	−0.023%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.678%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4599	−0.004%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4596	−0.059%	$441K	$703K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4601	+0.041%	$40.6M	$26.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4600	+0.017%	$728K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4599	−0.004%	$68.7M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4598	−0.026%	$74.4M	$120.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4601	+0.039%	$17.6M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−0.248%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4597	−0.047%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4596	−0.070%	$12.1M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4596	−0.070%	$49.2M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4598	−0.026%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4600	+0.017%	$26.0M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4596	−0.070%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4599	long leg	$230K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4549	−1.096%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	−0.869%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4568	−0.678%	$423K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4560	−0.852%	$174K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4600	+0.022%	$71K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4601	+0.039%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4597	−0.048%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4605	+0.126%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4597	−0.048%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4594	−0.106%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4598	−0.036%	$411K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4601	+0.039%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0185%	1h	0.4601	+0.039%	$34K	$363K	25x
01 Exchange ONDOUSD	+0.0232%	1h	0.4601	+0.046%	$379	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.491%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4579	−0.439%	$298K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4598	−0.026%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0528%	1h	0.4603	+0.076%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4598	−0.019%	$549K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4600	+0.012%	$2K	—	20x	as long as short