Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: edgeX against Backpack−0.470%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 3 days (all we have)+0.721%+$72 · spread now −0.470%, 7d avg −0.014%

Together, before fees+0.661%+ Points / potential airdropedgeX: Active · farm board+$66 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: edgeX is 0.456% cheaper against Backpack than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4531	0.0100	pay 0.0013% / 1h	54m 45s	$195K	$972K	15x
Short	edgeX ONDOUSDC	0.4510	0.0100	get 0.0050% / 4h	1h 54m	$5K	$317K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.470%Rate

Funding earned: $0
Price spread: −0.470% → −0.014%: −$45.59
Slippage, 4 orders: −$17.63
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$82.22
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from Backpack: live order book, 29 min ago; edgeX: live order book, 28 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, 29 min ago	1.00 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	4.42 bp	8.9 bp −$9	15.3 bp −$153	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	−0.0355%	1h	0.4530	−0.022%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4535	+0.088%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4532	+0.031%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	−0.148%	$29K	$219K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4532	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4536	+0.121%	$426K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4536	+0.110%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4535	+0.088%	$66.8M	$220.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4533	+0.044%	$73.5M	$118.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4534	+0.066%	$17.7M	$80.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4515	−0.344%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4534	+0.076%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4532	+0.022%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4532	+0.022%	$47.4M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4532	+0.022%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4535	+0.088%	$25.6M	$41.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4532	+0.022%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4531	long leg	$195K	$972K	15x
Variational Omni ONDO	+0.0100%	4h	0.4531	+0.003%	$793K	$2.0M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4510	−0.470%	$5K	$317K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4525	−0.134%	$427K	$937K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4537	+0.128%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4536	+0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4534	+0.066%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4540	+0.199%	$130K	$510K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4531	0.000%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4535	+0.079%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4532	+0.016%	$403K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4536	+0.110%	$44K	$8K	3x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.618%	$1K	$181K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.154%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4533	+0.044%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4540	+0.194%	$374	$2K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0387%	1h	0.4526	−0.110%	$160K	$333K	50x	as long as short
Lighter ONDO	+0.0576%	1h	0.4543	+0.265%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4533	+0.033%	$546K	—	100x	as long as short
Hyperliquid ONDO	+0.0681%	1h	0.4540	+0.196%	$40.6M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4537	+0.125%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1244%	1h	0.4534	+0.067%	$257K	$130K	5x	as long as short